The meme coin market has taken a beating, with several popular tokens experiencing double-digit declines in the past 24 hours. BONK, a Solana-based token, has seen the biggest drop, plummeting by 25% to under $0.000017. Other notable losers include WIF (-25%), PEPE (-21%), FLOKI (-20%), Shiba Inu (-13%), and Dogecoin (-12%).

The total meme coin market capitalization has shrunk by nearly 20% in the past day, now standing at $54 billion. This sharp decline comes amid a broader crypto market correction, with Bitcoin dropping from around $71,000 to a weekly low of $65,000.

Meme coins on the Solana blockchain have been particularly hard hit, with BOME crashing by 50% and pushing its market cap below $500 million. In contrast, Slerf, another Solana-based meme coin, has seen its market value surge to $612 million, making it the eighth-largest meme coin by market cap.

Looking ahead, analysts expect the meme coin market to remain volatile in the coming weeks. PEPE, WIF, FLOKI, BONK, and BOME are all expected to test key support levels, with the potential for further downside.

However, some tokens like FLOKI may see a rebound if selling pressure eases and the bulls regain control.