Bonk, Floki, AI16Z are the worst

As Bitcoin (BTC) failed to sustain above $100,000 for the fifth attempt in a row, the cryptocurrency market fell by 8.3% in just a few hours. This is why meme coins are suffering the most while some of them are actually back on the rise.

The Meme Crypto Sector Collapses, Losing 12% Overnight: Here’s the Worst Performers

Today, January 8, 2024, the entire cryptocurrency space is in the red. Bitcoin (BTC), the largest cryptocurrency, fell from $102,000 to $95,200, wiping out 5.5% of its total market value. Daily Bitcoin (BTC) liquidation volume exceeded $127 million, up 86%.

The meme sector is experiencing more pain as its capitalization fell by $15 billion overnight. In less than 24 hours, Floki Inu (FLOKI) and Bonk (BONK), the worst-performing coins, lost about 14% each.

Ai16Z (AI16Z), the best performer over the winter holidays, also lost 13.9% and fell almost below its $2 billion capitalization level. The asset is trading for $1.82 by press time.

Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest memecoins, also recorded double-digit losses. SHIB’s price fell to $0.00002148, while DOGE is trading at $0.3465 on major spot exchanges.

In the large coin category, USDT Tether (USDT) has finally replaced XRP as the second largest altcoin. The cryptocurrency linked to Ripple reached a local low of $2.28.

Learn about the only green meme coin today

As previously covered by U.Today, Bitcoin (BTC) enthusiast Tone Vays announced yesterday that he has opened long positions on BTC at the $100,000 level.

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Meanwhile, only two altcoins have managed to survive the current carnage in the green – and there’s a meme on this list. SPX6900 (SPX), the largest “Murad Mimi coin,” rose 3%. Its price reached $1.44 as the token consolidated its position among the top 100 tokens.

Fasttoken (FTN) is the second best performer, with 0.5% growth overnight.

The Cryptocurrency Fear and Greed Index has broken out of extreme greed territory and sits at 70/100 today, the lowest level since January 2.