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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-decline-2/" data-wpel-link="internal">Cryptocurrency Market Faces Significant Decline</a><br></p>
<p style="text-align: justify"><strong>Cryptocurrency</strong> market recently experienced a significant decline, with meme coins taking a heavy hit. Among these, Dogwifhat (WIF) dropped by 18% in the last 24 hours, making it the worst-performing coin. This decline pushed WIF’s market value below the critical $3 billion mark, dangerously close to losing its status as the fourth-largest meme coin to FLOKI.</p> 
<h2 style="text-align: justify" id="meme-coins-affected">Meme Coins Affected</h2> 
<p style="text-align: justify">WIF’s decline is part of a broader trend affecting meme coins. Leading meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) also experienced significant losses, though less severe. <strong>DOGE</strong>, SHIB, and PEPE fell by 9.7%, 7.5%, and 11.3%, respectively. According to CoinGlass <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, this downward trend resulted in meme coin <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> losing over $20 million in long positions in the past day. Overall, the total value of the <strong>cryptocurrency</strong> market shrank by 3.2%, with Bitcoin (BTC) itself dropping by 3.5%.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-360514 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/wif.webp" alt="" width="1215" height="411"></p> 
<p style="text-align: justify">The sharp declines in the meme coin segment are part of the most severe drop in the <a href="https://en.coin-turk.com/ceo-denies-rumors-of-nigerian-crypto-exchange-shutdown/" data-wpel-link="internal">crypto market</a> since mid-April. The total liquidation in the market reached $415 million, marking the largest liquidation event since April 13, 2024. This widespread sell-off indicates high levels of market volatility and investor concern.</p> 
<h2 style="text-align: justify" id="rise-in-small-cap-meme-coins">Rise in Small-Cap Meme Coins</h2> 
<p style="text-align: justify">Interestingly, while larger meme coins struggled, some smaller meme coins showed resilience and even growth. For example, the Base-based meme coin Basenji (<strong>BENJI</strong>) surged by 33% in a single day, reaching a market value of $70 million. Similarly, Chompcoin (CHOMP) recorded a 20% increase. These gains highlighted the unpredictable nature of the meme coin market, where smaller tokens can sometimes outperform their larger counterparts.</p> 
<p style="text-align: justify">On the other hand, WallStreetBets-themed meme coins took a particularly hard hit. The meme coin GME, named after the GameStop stock that gained fame during the Reddit trading frenzy, fell by 33%. This significant decline occurred during a broadcast by Roaring Kitty, a prominent figure among Reddit investors, leaving cryptocurrency investors disappointed.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-decline-2/" data-wpel-link="internal">Cryptocurrency Market Faces Significant Decline</a></h5>

Cryptocurrency Market Faces Significant Decline

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