- Meme Coins Crash Hard: The overall crypto market lost $147 billion in 24 hours, with meme coins taking the biggest hit. PEPE dropped 12.1%, BONK fell 10.3%, and both saw sharp drops in market cap and trading volume.
- Top Tokens Lose Ground: Dogecoin (DOGE) and Shiba Inu (SHIB) also declined, losing 7.8% and 2.5% respectively. Other meme coins like WIF, FLOKI, and BRETT saw double-digit losses, with WIF dropping out of the top 100 list.
- Sector-Wide Decline: Frog-themed, Solana-based, and Mahmudov-backed meme coins were among the worst performers. Meanwhile, Bitcoin and Ethereum also dipped slightly by 1.5% and 2.5%, adding to the broader bearish sentiment.
The crypto market isn’t having its best day—and meme coins? They’re getting absolutely hammered. With billions wiped out across the board, tokens like PEPE and BONK are leading the plunge, shedding double-digit percentages in just 24 hours. Ouch.
PEPE and BONK Take the Biggest Hit
May 31’s been brutal. The whole crypto space has bled about $147 billion in total value in a single day. But meme coins? They’re feeling it even worse. PEPE, the frog-faced fan favorite, tanked by 12.1%, sliding down to $0.0000113. That’s a multi-week low. And just like that, its market cap slipped under $4.7 billion. For perspective—PEPE is now 60% below its all-time high from last December.
BONK wasn’t spared either. It dropped 10.3%, landing at $0.00001587, and saw its volume shrink while its market cap dipped to $1.29 billion. SPX6900, another well-hyped meme coin (and one backed by Murad Mahmudov), dropped 13% to just under a buck.
The Rest Aren’t Doing Any Better
Even the “OGs” in the meme world aren’t immune. DOGE tumbled 7.8% to $0.189, and SHIB followed suit, down to $0.00001254. FLOKI? It got hit too—falling 13.5% to $0.00008003. WIF, the Solana-based underdog, got knocked out of the top 100 after dropping 18.6%, now sitting at a cap of $818 million. Based Brett didn’t escape either—it’s down 14.5% to $0.0501.
Across the entire meme coin category, capitalization’s down about 12%. Frog-themed coins and Solana-based memes took some of the biggest punches—losing over 13% each.
BTC, ETH Not Immune Either—But Faring Slightly Better
Even the big players took a step back. Bitcoin dipped 1.5%, and Ethereum followed with a 2.5% loss. BTC’s clinging to that $2 trillion market cap, but the sentiment’s definitely shaky.
Bottom line? It’s a sea of red out there—especially in meme land. The hype might cool off for a bit unless buyers swoop in with confidence and volume. For now, traders are definitely in defense mode.
