The ongoing meme coin crash is wreaking havoc across top tokens. Dogecoin (DOGE), Shiba Inu (SHIB), and the TRUMP meme coin all recorded steep losses in the last 24 hours. The broader crypto market selloff appears to be triggering a wave of volatility, with meme coins being hit the hardest.
While this drop is part of the overall crypto market shakeout during this period, profit-taking traders look to make the most of it as most bearish metrics appear temporary.
Meme Coin Crash Hits TRUMP, Dogecoin and Shiba Inu
The latest slump in top meme coins has rattled the market.
The Trump token led the decline, plunging 13.34% to $12.42. Before crashing, the TRUMP Token was pulling all-time high traffic with the US President making headlines on his tour in the Middle East
The TRUMP token drop signals heavy speculation with over $625 million in 24-hour trading volume. Meanwhile, Dogecoin price fell 4.23%, now trading at $0.2171, and Shiba Inu coin slipped 5.59% to $0.00001425.
PEPE and BONK Add to the Meme Coin Crash
The selloff isn’t isolated to just DOGE and SHIB. PEPE and Shiba Inu (SHIB), coins which were once riding high on viral momentum, are now sliding hard as the market dips.
Pepe coin (PEPE) dropped 8.34%, trading at $0.00001239, while Bonk (BONK) plunged 12.19% to $0.00001881, despite reports of $4 million worth of BONK being moved into cold storage — a sign that long-term holders are not giving up yet.
What’s Fueling the Crash?
The market’s risk-off sentiment is pushing out leveraged players, with long liquidations surging across exchanges.
The Trump meme coin, known for its high retail exposure, appears to be facing exhaustion as trader sentiment sours. In related news, an Eric Trump meme coin collapsed amid allegations of price manipulation from analysts.
The meme coin crash has wiped out hundreds of millions in value, highlighting how risky this part of the crypto market can be. With DOGE, SHIB, and TRUMP all falling, investors are now watching Bitcoin closely for signs of a possible recovery.
During this period, the bullish momentum of Bitcoin [BTC] has also slowed down. There has been and massive sell-off in Ethereum, but the overall altcoin market has been trending higher for a month, and saw some short-term setbacks.
Coingape Staff
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