• Meme coins DOGE and SHIB crashed 6.01% and 6.13%, respectively.
• Bitcoin (BTC) dropped to the $100,000 price level as well. 
• In the past 24 hours, over $681.11 million in long positions were liquidated.

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) — the top meme coins in the market — have taken a major hit, with DOGE and SHIB down over 6% and PEPE plummeting almost 11%.

According to CoinMarketCap data, all meme coins have dropped by double-digital percentages in the last seven days after rising significantly in the past few months. The meme coin crash followed a broader market crash with Bitcoin (BTC) dropping to the $100K price level and Ether (ETH) trading at $3,600.

However, meme coins are an integral part of the digital asset space and have a massive market cap of $117.4 billion. So, this could potentially be a buying opportunity for the top-performing meme cryptocurrencies despite a broader market downturn. With a substantial $24.8 billion being traded in the meme coin space in the past 24 hours, the interest in the sector remains high.

Interestingly, the only meme coin that is bullish at the time of writing is Pudgy Penguins (PENGU) which has skyrocketed 549.42% in the last seven days and 7.62% in the past 24 hours. The digital asset is trading at $0.03221 at the time of writing.

Read also: Solana Meme Coins: A Risky Gamble

Why are Meme Coins Falling?

Meme coins crashed because leading digital assets Bitcoin and Ether dropped significantly and altcoins also fell. Plus, a whopping $681.11 million in long positions were liquidated in the past 24 hours, much higher than $121 million in short positions, according to data from Coinglass.

The crash also follows recent comments from US Federal Reserve Chair Jerome Powell who spoke out against creating a national Bitcoin reserve. Plus, for 2025, the agency plans to implement significantly fewer rate cuts than expected, which also resulted in bearish sentiment across the crypto market.