Meme Coin Outlook: Leading Memes SHIB, DOGE, PEPE Crash as Market Downturn Escalates

It’s been a rough 24 hours for the entire cryptocurrency market, and meme coins are absolutely no exception. This highly polarizing category has declined by about 7% altogether, following what seems to be an ongoing decline of the entire crypto market.

Meme Coins Bloodbath

The entire category of meme coins dropped by about 7% throughout the past day. Naturally, some lost more than others.

The larger-cap altcoins are performing as follows:

• DOGE -4.7%
• SHIB -6.4%
• PEPE -5.8%
• FLOKI -4.2%
• BRETT -9.1%
• BONK -2.8%
• BOME -6.1%

Small-cap meme coins have charted even more considerable losses. For instance, RYU is down 79% in the past 24 hours, while MUMU and ANDY lost about 25%.

On the other hand, the trending meme coin BODEN managed to increase by about 10.6% compared to its price 24 hours ago, which is somewhat of an outlier in the market right now.

Broader Market Decline

Bitcoin is now trading below $61K – for the first time since May 13th. The reason for this decline is likely the fact that the Mt. Gox exchange issued a note, which said that the trustee is ready to start paying creditors as per the rehabilitation plan as early as July.

The entire market tumbled in response, with red being the only color seen on the heatmaps today.

The downturn has resulted in $315 million worth of leveraged positions liquidated in the past 24 hours, with BTC accounting for about $130 million of that. The second is Ethereum, with $72M.

ETH is currently trading below $3.3K, and it appears that the bears are now targeting $3K as the first imminent level of support.

Bitcoin, on the other hand, faces support at $60K, which is also a very important psychological level. If the bears are able to break it to the downside, though, the next level to watch is located around $58K.