Top meme cryptos take a brutal hit as PEPE, BONK, and WIF post double-digit losses

Top meme cryptos are in free fall, as the broader cryptocurrency market hits the brakes and sheds over $147 billion in market cap within 24 hours.

While Bitcoin and Ethereum saw mild corrections, it’s the meme coin sector that’s bearing the brunt, with Pepe (PEPE), Bonk (BONK), and Dogwifhat (WIF) among the worst performers.

The top meme cryptos are now facing one of their harshest corrections of 2025, shaking investor confidence and raising questions about the long-term viability of these viral digital assets.

PEPE, BONK lead the top meme cryptos bloodbath 

Among the top meme cryptos, PEPE was one of the hardest hit, plummeting 12.1% to $0.0000113, according to CoinGecko. The once-hyped frog-themed token has now lost more than 60% of its value since peaking on December 6, 2024. Its market capitalization has slipped below $4.7 billion, marking a new multi-week low.

BONK, another star of the Solana meme coin wave, followed closely behind. Its price dropped 10.3% overnight to $0.00001587, bringing its market cap down to $1.29 billion.

“These drops are not entirely unexpected,” said Kaiko analyst Clara Medalie. “We’ve seen meme coin markets move aggressively in both directions. But this week’s collapse across the top meme crypto highlights their vulnerability during market cooldowns.”

Not far behind are SPX6900 (SPX) and Dogwifhat (WIF)—two other top meme cryptos that saw double-digit losses. SPX, a meme coin championed by crypto influencer Murad Mahmudov, fell 13% to $0.9595, marking a new local low.

Meanwhile, WIF took one of the steepest dives in the sector, crashing 18.6% in 24 hours and reducing its market cap to $818 million.

Floki (FLOKI), known for its Viking-themed branding and large community, dropped 13.5% to $0.00008003, while Based Brett (BRETT) sank 14.5% to $0.0501, adding more pain across the board.

Top Meme cryptos, Dogecoin and Shiba Inu not spared

Even the meme coin titans, Dogecoin (DOGE) and Shiba Inu (SHIB), weren’t spared. DOGE, the original meme cryptocurrency, fell 7.8% overnight to $0.189, while SHIB dropped 6.2% to $0.00001254.

These moves are significant, given that DOGE and SHIB often act as sentiment indicators for the broader meme coin ecosystem. “When the majors fall, the smaller ones collapse harder,” said Benjamin Cowen, founder of Into The Cryptoverse. “This is a liquidity crunch, plain and simple.”

As a sector, the top meme cryptos have collectively lost 12% of their value in the past 24 hours. Frog-themed coins saw the worst performance, losing 16.1%, followed closely by Solana-based meme assets, which dropped 13.8%.

The mass liquidation wiped several tokens out of the top 100 rankings. Both WIF and FLOKI have now exited the top-league crypto club—a stark contrast from the euphoria seen just weeks ago.

Bitcoin and Ethereum remain resilient

Meanwhile, Bitcoin (BTC) and Ethereum (ETH) posted relatively minor losses, down 1.5% and 2.5% respectively. BTC continues to hover just above the $2 trillion mark in market capitalization, underlining its resilience amid sector-specific turbulence.

The sharp collapse in top meme crypto may be a wake-up call for speculative investors. While meme coins often thrive on hype and community momentum, they are also extremely sensitive to broader market sentiment.

Still, history has shown that the top meme cryptos can rebound just as dramatically as they fall. For traders with long-term conviction or those eyeing entry points, this correction may present new opportunities, assuming the bottom is near.