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The market cap of the meme coin sector plunged more than 4% in the past 24 hours as leaders Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all posted losses amid 'a flash crypto crash.
DOGE, the largest meme coin, lost 2% to trade at $0.1414 as of 2:40 a.m. EST, dragging its weekly performance down by more than 10%.
Top 5 largest coins (Source: CoinMarketCap)
PEPE, WIF, FLOKI and SHIB unable to overcome the bearish onslaught
The rest of the top 5 coins all also suffered losses in 24 hours. FLOKI was the biggest loser with a drop of more than 7%. Its canine-themed counterparts were unable to reverse the trend, with SHIB and WIF down 3% and 4%, respectively.
SHIB, PEPE, WIF and FLOKI also saw their weekly performances fall further into the red as the meme coin market continued its long-term trend. negative trend. WIF has bled the most over the past seven days after its price fell more than 18% during that time.
Some smaller coins have bucked the trend
Several small coins resisted the downtrend. Byte (BYTE) became the best performer, with an increase of more than 70%, according to CoinGecko. Jesus Coin (JESUS) and Hoppy (HOPPY) were also in the green with 8% gains each.
Smaller tokens outperforming meme coin leaders could indicate that traders and investors are seeking protection from the bearish storm of cryptos that are not as actively traded and affected by major market movements.
New pre-sales that are not yet publicly traded and therefore not susceptible to market volatility could also attract investors.
#PlayDoge taking home another Big W today, raising $3.5 million in our #Presale! 🚀💫
ICYMI: We left #MultiChain! 🌐🎉#Staking is now online on both #BNB And #ETH channels, offering even more $PLAY 💰
Rewards vary by channel 🌟
Buy now! 👇 https://t.co/JT0VEofqf2#MemeCoin #P2E #Crypto pic.twitter.com/XghA0jlfbU
– PlayDoge (@PlayDogeGame) June 10, 2024
Analyst favorites right now include PlayDoge (PLAY), a Dogecoin derivative to earn which raised $3.7 million in less than two weeks.
WienerAI (WAI) is another hot presale that has reached nearly $5.4 million in funds raised, while Sealana (SEAL) on Solana offers investors one last chance to buy after passing $4 million.
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- SolidProof Audited – playdoge.io
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