dogwifhat

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Crypto assets and meme coins are witnessing a price drop to lows not recorded in several months. Macro and industry-related factors largely sparked this with fear gripping various market areas. Meme coins and decentralized finance (DeFi) tokens have plunged significantly because of their volatility to market forces.&nbsp; 
Bitcoin dropped below $63,000 occasioning wider outflows from altcoins and meme coins. The crypto market cap stands at $2.24 trillion at press time, a 4% drop in the last 24 hours. Meme coins also faced similar outflows with huge losses in top assets. As prices of meme tokens plunge over double-digits, investors mark low sentiments leading to major sell-offs. 
<h2 id="strong-meme-coins-in-the-woods-strong">Meme Coins In the Woods</h2> 
This year, the <a href="https://coingape.com/meme-coin/" target="_blank" rel="noopener">meme coin</a> market hit new highs following a frenzy on the back of a rally in crypto assets. As a result, the market cap spiked close to $70 billion in Q1 2024 with new tokens recording surging inflows as investor sentiment rose. Putting losses into perspective, meme coins now have a market cap of $46 billion with over $20 billion liquidated in the sell-off.&nbsp; 
A look at the market shows a poor run in Solana-themed, dog-themed and cat-themed assets. Market leader, Dogecoin (<a href="https://coingape.com/price/dogecoin/" target="_blank" rel="noopener">DOGE</a>) is down 5.4% in the last 24 hours and 11% this week. Similarly, Shiba Inu (SHIB) dropped 6% today and 15% this week. These outflows by the top two slightly underscore the situation as larger numbers were recorded by other assets.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-204072" src="https://coingape.com/wp-content/uploads/2024/06/chart-63.jpeg" alt="" width="1644" height="1200" srcset="https://coingape.com/wp-content/uploads/2024/06/chart-63.jpeg 1644w, https://coingape.com/wp-content/uploads/2024/06/chart-63-300x219.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/chart-63-1224x893.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/chart-63-768x561.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/chart-63-1536x1121.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/06/chart-63-150x109.jpeg 150w" sizes="(max-width: 1644px) 100vw, 1644px"> 
<h2 id="strong-wider-meme-tokens-follow-strong">Wider Meme Tokens Follow</h2> 
Popular Solana meme coin, dogwifhat (WIF) saw losses of 6.2% and 32% in the last seven days. The huge weekly exits wiped off a part of its market cap as bullish pressure subsided. At press time, WIF trades at $1.64 with a $1.6 billion market capitalization. Daily trading volumes stand at $680 million after a streak of outflows, per <a rel="nofollow" href="https://www.coingecko.com/en/categories/meme-token" target="_blank">CoinGecko</a> data&nbsp; 
Similarly, FLOKI, BONK, and BOME plummeted 15.9%, 17.9%, and 14.2% this week. Top crypto assets like Bitcoin and Ethereum also saw outflows.&nbsp; 
Also Read: <a href="https://coingape.com/trending/bitcoin-price-drops-below-62k-whats-behind-this-drop/" target="_blank" rel="noopener">BTC Price Might Drop To $60K; Here’s Why</a>&nbsp; 
The post <a href="https://coingape.com/trending/the-meme-coin-freefall-what-you-should-know/">The Meme Coin Freefall: What You Should Know</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

The Meme Coin Freefall: What You Should Know

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