The meme coin section was among the heaviest hit when the U.S. enforcement of cross-border tariffs hit the general markets, crunching 17% of the sectorโs market cap in 24 hours. While some smaller-cap dog-themed coins like NEIRO and SUNDOG enjoyed substantial bounce backs, the big Solana dogs Bonk Coin (BONK) & Dogwifhat (WIF) succumbed to new yearly lows.
Memecoin Liquidation Wave Flushes Out Millions
Once considered blue-chip memecoins, Solanaโs two largest dog-themed memecoins slumped by 39% and 41% over the past 30 days, respectively. While the price swings are attributable to Solanaโs (SOL) price plunge below $135, there are plenty of other concerning signs for these SOL meme coins.
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For instance, Dogwifhatโs (WIF) popularity on Derivatives markets severely dropped when $3.23 million in long leveraged positions on WIF were liquidated in 24 hours, out of a total $3.50 million. As a result, Open Interest (OI) fell by 19.99%, signaling a hefty decrease in unsettled leveraged plays on Solanaโs second largest dog-themed crypto.
Namely, crypto traders took a bad beat with Dogwifhatโs (WIF) 12% price drop to $0.53, a new yearly low. Sliding all the way from $4.58 on April 1, 2024, the knitted-hat wearing crypto dog took a 59.9% downturn in yearly terms. On the other hand, WIFโs predecessor Bonk Coin (BONK) tumbled by 71% over 365 days, despite managing to save a spot in the TOP 100 by global market cap.
Did PEPE Price Just Bounce Off Support?
Meanwhile, the largest Ethereum (ETH) meme coin Pepe Token (PEPE) could take in the crypto market drawdown somewhat easier, boosted by a massive trading volume of $1.15 billion on Spot. Similarly to Solanaโs Dogwifhat (WIF) & Bonk Coin (BONK), the frog-themed PEPE also spilled a considerable amount of its price, dropping by 36.8% in a month to tackle the yearly lows of $0.00000668 on March 3, 2025.
On a brighter note, the price fluctuations formed a double bottom at this PEPE price range, bouncing off $0.00000670 twice in a day. However, Chandler, the crypto chart analyst who offered his insights on PEPEโs potential local bottom also admitted that โdrawing support lines right now doesnโt make much sense with a president this unpredictable.โ
As of press time, the frog-embossed meme coin is trading at $0.00000678, with all four key on-chain signals flashing bearish, according to IntoTheBlock. Additionally, PEPE price rally could be triggered by crypto whales, coming back to buy the dip once market confidence returns.
On The Flipside
- Three months back, nearly 100% of PEPE token holders were making profit.
- This metric dramatically plunged to just 29% of current holders in the green.
- Big names in meme coins see fierce competition due to easier project launch.
Why This Matters
Meme coins are the quickest to answer to shifting crypto market dynamics, often perceived as leveraged plays on the parent blockchains.
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