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- Billions were wiped from the meme coin market as PEPE, BONK, and WIF sell-offs.
- Floki and Dogwifhat drop out of the top 100 as total meme coin capitalization.
The meme coin market is experiencing a new trend of selling pressure as investors pull back across the sector. As of May 31, 2025, the global digital asset market lost $147 billion in value, and meme coins accounted for a significant $10 billion of that loss.
PEPE and BONK Among Worst Performers
CNF reported earlier that multiple whales accumulated trillions of PEPE tokens in late May, signaling possible strategic preparation. However, a new report shows Pepe Coin (PEPE) and Bonk (BONK) lead a new market slide. Both memecoins recorded double-digit losses within a single day.
CoinGecko data shows that PEPE, one of the most significant meme coins, dropped by 12.1% at its peak. BONK also saw a major hit, falling by 10.3% as its price touched $0.00001587. The drop came amid lower trading volume, pushing BONK’s market capitalization to $1.29 billion.
SPX6900 (SPX), widely followed as part of Murad Mahmudov’s meme coin holdings, fell even more sharply. It lost 13% of its value, bringing its price down to $0.9595. These ridiculous declines highlight growing caution among investors in the meme coin market.
Flagship meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) were not spared. DOGE dropped 7.8% overnight, falling to $0.189. SHIB also lost momentum, slipping to $0.00001254 atop a 5% selloff.
These selloffs are not uncommon in the broader market after what analysts called an overheated market based on Year-to-Date (YTD) growth.
Floki, WIF Drop Out of Top 100 as Capitalization Shrinks
The broader meme coin market saw its capitalization fall by 12% in 24 hours. Frog-themed meme coins were the most brutal hit, with a 16.1% loss, closely followed by coins associated with Mahmudov’s portfolio at 16%, and Solana-based meme tokens fell 13.8%.
Dogwifhat (WIF), a primary Solana-based meme token, was among the most affected, plunging by 18.6% overnight. Its market capitalization dropped from a ten-digit figure to $818 million. WIF’s sharp drop also pushed it out of the top 100 cryptocurrencies.
Floki (FLOKI), another popular meme coin with strong community backing, dropped 13.5%, bringing its value down to $0.00008003. Based Brett (BRETT), another meme token, also recorded losses of 14.5%, with its price settling at $0.0501.
Meanwhile, Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies, declined by 1.5% and 2.5%, respectively. BTC is now rebounding to hold above the $2 billion capitalization level as broader market conditions remain shaky.
As previously discussed in our last news piece, Bitwise data shows Bitcoin’s 60-day correlation with US 10-Year Treasury Futures has hit an all-time low. The drop has raised concerns, hinting that investors may shift direction as 2025 unfolds.
The current wave of sell-offs highlights the vulnerability of the meme coin market, especially during broader crypto downturns and the ultimate correlation to Bitcoin.
