The cryptocurrency market has been facing a significant downturn, and meme coins are not immune to the turmoil. Leading meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have all experienced substantial declines in recent days, mirroring the broader market's bearish trend.

The meme coin category as a whole has dropped by around 7% over the past 24 hours. Larger-cap meme coins like DOGE, SHIB, and PEPE have seen losses ranging from 4.7% to 6.4%, while smaller meme coins have fared even worse, with some plummeting by as much as 79%.

The market-wide downturn has been triggered by various factors, including the impending Mt. Gox creditor payouts and the resulting sell-off pressure. This has led to significant liquidations, with over $315 million worth of leveraged positions being closed in the past day alone.

However, not all meme coins have succumbed to the bearish onslaught. Some, like the Solana-based Popcat (POPCAT) and Mog Coin (MOG), have managed to defy the trend and record double-digit gains. This suggests that while the meme coin market is facing challenges, there are still opportunities for resilient projects to thrive.

The survival of meme coins in the current market conditions will depend on factors such as their community support, ability to adapt and innovate, and the broader sentiment in the cryptocurrency space. As the market continues to navigate these turbulent times, meme coin enthusiasts will be closely watching to see which projects can weather the storm and emerge stronger.