The latest crypto market reversal has taken a toll on memecoins, often considered the riskiest assets in the cryptocurrency market. These coins, including PEPE, WIF, and BONK, are experiencing significant losses as they are particularly vulnerable during market downturns.
Bitcoin bulls are working hard to sustain the price of Bitcoin above the crucial $60,000 mark. However, the wider market's struggle is reflecting more harshly on cryptocurrencies that lie further out on the risk spectrum.
The decline of these memecoins underscores the volatility and risk associated with investing in meme-based cryptocurrency projects. With the broader market floundering, these assets are bearing the brunt of the downturn.
