BONK, FLOKI, WIF, SHIB and DOGE crash in double digits

The cryptocurrency market is retreating again, dropping Bitcoin below $95,000 for the second time since Monday night.

While many altcoins are also deep in the red, the ever-changing meme coin sector has made some very powerful corrections.

Although there are many success stories of small-time investors turning thousands of dollars into hundreds of thousands or even millions, the meme coin space is highly volatile and risky, especially during market-wide corrections.

The current situation reinforces this narrative. Bitcoin is down 3% on the day, falling below $95,000 minutes ago. Many large-cap alts such as ETH, SOL and BNB slipped further – by around 7% each.

However, assets from the meme coin industry such as BONK, FLOKI and WIF all dropped around 20 percent. So, BONK is down to $0.00034, FLOKI is south of $0.00022, and WIF is struggling below $2.8.

The landscape surrounding the two large meme coins is not that bright. Shiba Inu was the worst performer of the 20 altcoins, dropping 15% to $0.000025.

Dogecoin is also down by double digits. DOGE is down 12% in the last 24 hours and is now trading below $0.4. Remember that the OG meme coin just charted a new multi-year high of $0.485 a few days ago.

The correction in the market resulted in approximately $1.7 billion in outflows across all assets. Naturally, Longs is responsible for the lion's share, $1.5 billion.

ETH was first obtained from individual assets, with $250 million in long scraps, followed by BTC at $175 million. Interestingly, DOGE ranks third, despite being the sixth-largest volatile coin asset, indicating the risk of overused meme coin trading.