Bitcoin (BTC) reached its lowest level since mid-November, causing major meme cryptocurrencies to also experience significant losses. The meme coin segment lost 8.8% of its market cap in the last 24 hours, with tokens like Pudgy Penguins (PENGU) and AI16Z seeing drops of 11% and 15.4% respectively. AI16Z experienced a loss of almost $1 billion in just seven days, causing it to fall out of the top 100 cryptocurrencies by market cap. Other popular meme coins like Bonk (BONK), Floki Inu (FLOKI), and PEPE, SHIB, and WIF also suffered losses. Bitcoin itself lost 3.8% and triggered a liquidation wave that saw over $547 million in crypto derivatives being liquidated in the last 24 hours, with the majority being long contracts. The largest single liquidation was a Binance BTCUSDT long worth $8.21 million. The Crypto Fear and Greed Index dropped overnight but remains in the "Greed" zone.



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