Meme Coins PENGU, AI16Z Posted Double-Digit Losses Today as Bitcoin (BTC) Hits Its Lowest Level Since Mid-November

As Bitcoin (BTC) hits its lowest level since mid-November, major meme cryptocurrencies are on the list of the worst performers in the last 24 hours

Bitcoin (BTC) dropped to its lowest level since mid-November, while major meme cryptocurrencies suffered the steepest losses among the top assets. At the same time, crypto markets experienced a liquidation tsunami that erased over half a billion in positions.

Meme coins PENGU, AI16Z post double-digit losses

Meme cryptocurrencies lost 8.8% of their combined market cap in 24 hours. Pudgy Penguins (PENGU) and AI-agents-themed meme crypto AI16Z lost 11% and 15.4% of their market caps, respectively.

Among meme coins, Ai16Z (AI16Z) suffered the most. In just seven days, its market capitalization dropped by almost $1 billion. As a result, the asset fell out of the top 100 cryptocurrencies by market cap. At press time, AI16Z dropped below $1.

Another popular meme cryptocurrency with a large community, Bonk (BONK), lost 10.9% of its total market cap. Its capitalization dropped to less than $2 billion, while the price attempted to stay above $0.000025.

Major dog-themed cryptocurrency Floki Inu (FLOKI) lost 9.1%, while PEPE, SHIB and WIF dropped by 6.7% each. Notably, Dogecoin (DOGE), the largest meme cryptocurrency, only declined by 5.9%.

$550,000,000: Crypto markets hit by liquidation storm

Bitcoin (BTC), the world's leading cryptocurrency, fell 3.8% during the day. Its price briefly dropped to an eight-week low of $90,200 before recovering to $91,500. The market benchmark fell 6.9% in 24 hours.

This cryptocurrency crash triggered a massive wave of liquidations. According to CoinGlass, over $547 million in crypto derivatives were liquidated in 24 hours. Of the liquidated contracts, 85% were longs. Almost 40% of the liquidations occurred in the last four hours.

Binance's BTCUSDT long, valued at $8.21 million, was the largest single liquidation.

The Crypto Fear and Greed Index by Alternative dropped from 69/100 overnight to 61/100, but it remained in the "Greed" zone, the data showed.