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WIF, PEPE, FLOKI, SHIB in red as crypto market breathes
Vladislav Sopov
All major meme cryptocurrencies are losing value, while WIF and PEPE perform worst in the top 100
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The biggest meme cryptocurrencies are once again demonstrating more significant volatility compared to the rest of the cryptocurrency market. The overhyped cryptocurrency Dogwifhat (WIF), a flagship meme coin of the Solana (SOL) ecosystem, is down more than 4.2% in the last 24 hours.
WIF, PEPE, FLOKI: Three major meme coins are among the 10 worst performers on May 7
Today, May 7, 2024, the meme cryptocurrency segment is under pressure. All the biggest coins in this sphere show larger losses compared to the market benchmark.
Image by CoinGecko
Dogwifhat (WIF), the most popular Solana meme coin of Q4 2023, sees its market cap fall below $3.5 billion as it loses 4.2% overnight.
Pepe (PEPE), a major meme coin on Ethereum (ETH) and Arbitrum (ARB), is also among the worst performers, with 3.9% lost in 24 hours.
Then, Floki (FLOKI), one of the biggest dog-themed meme cryptocurrencies, saw 2.8% of its market capitalization erased in the last day.
Shiba Inu (SHIB) is also among the worst performers; its cap fell below $14 billion after the 1.6% price drop.
Cat-Themed Meme Coin Segment Sends Mixed Signals
For context, the overall cryptocurrency market capitalization fell by just 1%. As such, Dogecoin (DOGE), with its 0.5% losses, is the only major meme coin that has outperformed the market.
In terms of meme segments, cat-themed coins are suffering the most from the current price drop. They lost 7% overnight.
However, segment newcomer Catwifhat (CWIF), an offshoot of Solana’s WIF (SOL), demonstrated a 75% jump in the last 24 hours. The token is already available on some tier 2 centralized crypto exchanges.
About the author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. More than 6 years in IT analysis, more than 3 years in blockchain.
He worked on independent analyzes and also on start-ups (Swap.online, Monoreto, Attic Lab, etc.)