Even though the cryptocurrency market crashed when Mt. Gox started paying out settlement, meme coins are holding up well. Two of the top three scoring cryptocurrencies in the top 100 are meme coins, which is interesting.
Based on data from CoinGecko, the value of Bonk (BONK), a popular multi-chain meme coin, has grown by more than 7.5% in the last 24 hours, bringing it close to $1.5 billion. On the other hand, Dogwifhat (WIF), the most famous meme coin on Solana (SOL), is up 3.2%, keeping its market value above $1.8 billion.
Dogwifhat Performance Highlights
So far, Dogwifhat (WIF) is the best-performing cryptocurrency in the top 50. MultiversX (formerly Elrond, EGLD) is the best-performing cryptocurrency in the top 100, with a 10% gain. Even with these gains, the market capitalization of all cryptocurrencies has dropped by 3.8%. In the last 24 hours, meme coins have lost 11.4% of their value.
Even the most valuable coins have lost value overnight. Bitcoin (BTC) is down 2.8% and Ethereum (ETH) is down almost 5%.
The news that victims of the 2014 Mt. Gox exchange failure will be getting funds as compensation is an important factor why the global cryptocurrency market is going down. The release of BTC and BCH amounts is likely to make people want to sell more.
CoinGlass says that Bitcoin (BTC) traders have lost $578 million in the last 24 hours, with $446 million of that number coming from long positions.
