Meme coin prices crashed on Thursday, wiping out most of the gains made during the Santa Claus rally on Christmas Eve.
Fartcoin (FARTCOIN), one of the top meme coins in the Solana ecosystem, fell 16.8%, making it one of the biggest laggards.
Floki (FLOKI) fell 4.5% while Shiba Inu (SHIB) fell 6.5%. Other top laggards in the meme coin industry included Brett, Mog Coin and Popcat (POPCAT).
PENGU was the only major meme coin in the green, rising 6% as total volume rose 127% to $6.1 million in the last 24 hours.
Meme coins declined due to risk aversion in the crypto industry as most coins fell. Bitcoin fell to $95,000 while the market cap of all coins fell to $3.32 trillion. Altcoins, especially the highly volatile meme coins, often fall sharply when Bitcoin is not doing well.
Meme coins and other altcoins also declined as liquidity in the crypto industry decreased due to the Christmas holidays. Data shows that most cryptocurrencies are seeing low volume as most investors and traders remain on vacation. Bitcoin had a 24-hour volume of $33.96 million on Thursday, its lowest level since November 3.
Other meme coins also had lower volume. Floki’s 24-hour volume was $238 million, its lowest level in over a month. Likewise, Fartcoin’s volume was $187 million, while Shiba Inu had a volume of $576 million. When volume is limited, cryptocurrency prices often experience sharp swings in both directions.
Meme coin prices are also falling as investors continue to book profits after most…
