Crypto Crash Sparks Meme Coin Bloodbath With WIF, FLOKI, And BONK Hit Hardest
Release: 2024/06/18 16:39 Reading: 343
Crypto Market Slumps Amidst Investor Concerns
The cryptocurrency market has witnessed a significant sell-off, with meme coins particularly hard-hit. The total market capitalization of these assets plunged by over 10%, as investors grew wary of the outlook for digital assets due to the Federal Reserve's hawkish monetary policy stance.
The broader crypto market saw its market cap dip by more than 2% to $2.36 trillion. CoinShares reported industry outflows last week at $600 million, the highest since March 22.
Meme Coins Suffer Double-Digit Losses
Among the top six meme coins, five experienced double-digit losses. Dogecoin (DOGE), with the largest market cap, dropped by over 9%.
Other notable losses included:
- Dogwifhat (WIF): 15%
- FLOKI: 24-hour loss of over 12%
- Bonk (BONK): 24-hour loss of over 12%
- Pepe (PEPE): 10%+ price drop
- Shiba Inu (SHIB): 10%+ price drop
Many of these coins had already been underperforming for the past week before the latest crash.
Altcoins Hit Hard
Altcoins, including zkSync (ZK), Fantom (FTM), and Worldcoin (WLD), were also significantly impacted. ZK plummeted by 25% on its market debut, making it the biggest loser among the top 100 cryptos in the past 24 hours. FTM and WLD both saw over 16% of their values erased.
Presale Cryptos Offer Shelter
Amidst the market downturn, some investors may seek refuge in presale cryptos, which offer potential upside and shelter during the storm. Analysts recommend considering hot presales such as PlayDoge (PLAY), Sealana (SEAL), WienerAI (WAI), and Base Dawgz (DAWGZ), which have raised substantial funds.
Notable Presale Performances:
- PLAY: Almost $4.7 million raised in less than three weeks
- WienerAI: Approaching $6 million
- SEAL: Over $4 million raised, with limited time left for presale participation
- Base Dawgz (DAWGZ): Over $1.7 million raised since its launch on June 4
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