Meme Coins Are the Biggest Losers as Bitcoin Price Dips Below $65,000

On April 2, Bitcoin dropped significantly, but the meme coins that fell the most today were Pepe, Bonk, and Dogecoin, suffering significant losses.

After an active rise over the past weeks, crypto markets are rapidly collapsing today. However, Bitcoin isn't the only coin currently suffering losses: some of the biggest 24-hour casualties are meme coins and tokens after last week's unprecedented gains.

As CoinGecko notes, the Bonk meme token, founded by Solana, has lost more than 12% of its value, and is now worth $0.00002306. Bonk rose to new highs late last year and again in early March, soaring amid the Solana frenzy. Despite the current correction, it is still up more than 3,400% over the past year.

Another meme coin, Pepe, lost more than 12% in value. Despite this, the Ethereum-based token is still riding high from recent gains - up 40% in the last 30 days.

In the top 20 coins and tokens, the two largest meme coins fell much more significantly than Bitcoin. The ninth-largest digital asset, Dogecoin, fell significantly after jumping to its highest price since 2021 last week. It is now worth $0.18 after falling 7% over the last day. His rival, Shiba Inu, also lost almost 7% in price over the past day.

However, Dogwifhat, which just last week received the largest gain among all cryptocurrencies, managed to survive the past 24 hours almost painlessly: losing only about 1%.

Meme coins and tokens are a category of digital assets based on Internet memes, pop culture events and hype from public figures. Such cryptocurrencies are known for their volatility: they rise rapidly in price, but can just as quickly fall or cease to exist completely.

The asset class has become popular thanks to Bitcoin's rise this year, and Solana has seen massive trading of meme coins in recent months, leading to record trading volume on the decentralized exchange (DEX) in March. The Ethereum Base scaling network is also seeing a wave of meme coin adoption, which took activity to new heights over the weekend.

As of this writing, Bitcoin is down about 4% over the past day, to just under $66,000 - although it fell significantly earlier on Tuesday, dipping below the $65,000 mark before quickly recovering. Despite this, the leading coin has lost 11% of its value since hitting a new all-time high of $73,737 on March 14.