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. Meanwhile, the liquidation tsunami erased over half a billion in crypto positions.
Meme coins PENGU, AI16Z posted double-digit losses today
In the last 24 hours, the segment of meme cryptocurrencies lost 8.8% of its market cap. Pudgy Penguins (PENGU), a token associated with the eponymous NFT drop, dropped by 11%, while AI-agents-themed meme crypto AI16Z erased 15.4% of the market cap.
Ai16Z (AI16Z), a meme coin of an AI-governed DAO, is the worst sufferer in the meme coin segment. In just seven days, its capitalization dropped by almost $1 billion. As a result, the asset lost its place in the top 100 cryptocurrencies by market cap. AI16Z price dipped below $1 as of press time.
Bonk (BONK), another popular meme cryptocurrency with a large community, has lost 10.9% of its aggregated cap. Its capitalization dropped below $2 billion in equivalent, while the price attempted to stay above $0.000025.
Major dog-themed cryptocurrency Floki Inu (FLOKI) lost 9.1%, while PEPE, SHIB and WIF are down by 6.7% each. Dogecoin (DOGE), the largest meme cryptocurrency, is only down by 5.9%.
$550,000,000: Crypto markets hit by liquidation storm
Bitcoin (BTC), the first cryptocurrency, lost 3.8% today. Its rates briefly dropped to eight-week lows of $90,200 but then recovered to $91,500. The market benchmark is down by 6.9% in the last 24 hours.
This cryptocurrency collapse triggered a massive liquidation wave. According to CoinGlass, over $547 million in crypto derivatives were liquidated in the last 24 hours. Eighty-five percent of liquidated contracts were longs. Almost 40% of liquidations happened in the last four hours.
Binance’s BTCUSDT long, worth $8.21 million, was the largest single liquidation.
The Crypto Fear and Greed Index by Alternative tumbled from 69/100 to 61/100 overnight, but it is still in the “Greed” zone, data shows.
