A sharp decrease was observed in the values of WIF, BONK, PEPE, FLOKI, SHIB, and DOGE coins, causing significant losses for investors.

The digital currency market went through a major decline on Friday, resulting in a loss of over $200 billion in just a few hours. Close to $1 billion was rapidly sold, with meme coins being among the top losers. BONK, one of the most prominent meme coins, saw a drastic 25% drop, bringing its value to under $0.000017. Similarly, WIF also experienced a significant decline, dropping to below $3, which is noteworthy as it had recently reached an all-time high of almost $5. Other meme coins like PEPE, FLOKI, Shiba Inu, and Dogecoin also took a hit with decreases of 21%, 20%, 13%, and 12% respectively. CoinGecko data indicates that the entire meme coin sector saw a decrease of approximately 20% in its total market value in the past day, reaching $54 billion. On the other hand, the overall crypto market cap went down by 6.5%. According to CoinGlass, the total liquidated positions totaled nearly $900 million in the last 24 hours. This occurrence highlights the volatile nature of meme coins and serves as a caution for investors, especially those who engage in leverage trading. In conclusion, the recent market correction is a reminder of the potential risks associated with investing in unstable assets like meme coins.