Meme Coins Market Correction: Solana-Based Dogwifhat (WIF) and Bonk Inu (BONK) Plunge by 10% Each

The cryptocurrency sector experienced a severe correction in the last 24 hours, which erased much of the gains recorded last week.

The cryptocurrency market underwent a sharp correction over the last 24 hours, erasing a significant portion of the gains recorded last week. At the time of writing, the global crypto market capitalization is less than $2.2 trillion, with Bitcoin (BTC) dropping below the $60,000 support and Ethereum (ETH) losing the $2,500 resistance level.

The situation in the meme coin niche is no better, with numerous tokens plummeting by double digits on a daily scale. The well-known names that were affected the worst were the Solana-based dogwifhat (WIF) and Bonk Inu (BONK), which fell by 10% each. The biggest frog-themed meme coin, Pepe (PEPE), is also down nearly 10%, while its rival Brett (BRETT) has tumbled by 7%.

On the other hand, Popcat (POPCAT) is the only meme coin from the top 20 list witnessing some price increase. It went up 3% in the past 24 hours and a whopping 60% weekly.

Currently, the cat-themed token trades at around $0.71 (per CoinGecko’s data) and has a market cap of over $700 million. It is the largest in its cohort, followed by Cat in a Dogs World (MEW) and Mog Coin (MOG).

What About the Leaders?

The biggest meme coins – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also down, albeit in a more modest fashion. The former is currently trading just south of $0.10, representing a 6.5% decrease on a daily basis. It remains one of the top 10 cryptocurrencies, with a market cap of around $14.5 billion.

The self-proclaimed Dogecoin killer – SHIB – has recorded a similar decline and is worth approximately $0.00001377 as of the moment.

Its price retreat coincides with the poor performance of the layer-2 scaling solution – Shibarium. Active accounts and daily transactions processed on the protocol have been on a downfall in the past week, generally indicating a decrease in user engagement and activity on the network.

Shiba Inu’s burning program has not impressed either. Over the past 24 hours, the burn rate collapsed by 100% since the team has not destroyed a single token.

The mechanism’s ultimate goal is to reduce the tremendous circulating supply of SH

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