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Bitcoin reached a new peak of $95,000 hours ago but was rejected and pushed south by over a grand within minutes.
Although it has recovered some ground, many altcoins, especially from the meme coin niche, have plummeted hard, leaving over $400 million in liquidations on a daily scale.
The specific dump is evident by the plunging meme coin market cap. While that of the entire crypto market has dropped by 2.3% over the past 24 hours to $3.2 trillion on CG, the meme coins have lost more than 10% and their own capitalization has slumped from over $130 billion to $115 billion, according to CoinGecko.
The biggest losers over the past day include POPCAT, which has slumped by nearly 20%, and PNUT, which is down by 17%.
More double-digit losses from the largest 100 meme token alts come from the likes of BONK (-12%), WIF (-11.3%), and PEPE (-10.5%).
Recall that many of these assets registered impressive gains in the past few weeks. PEPE tapped a new all-time high after a few interactions with prominent exchanges like Coinbase and Robinhood. BONK did the same earlier today, but is down by more than 16% since then.
Even the two top dogs from the niche experienced painful declines but managed to recover most of the losses. DOGE stood at $0.4 at this time yesterday but dumped to $0.364. However, it has bounced off to $0.375 as of now. SHIB’s price performance is similar on a daily scale and is down by 6.5% since yesterday.
CoinGlass data shows that the total value of wrecked positions in the past 24 hours equal $415 million, with longs responsible for the lion’s share ($311 million). BTC is not in the first position, as others – most likely lower-cap memes, have taken the lead. North of 160,000 traders were liquidated within this timeframe.
This article first appeared at CryptoPotato
