Meme Coins MultiverseX and Dogwifhat Show Resilience Amid Crypto Market Crash

Meme Coins MultiverseX and Dogwifhat Show Resilience Amid Crypto Market Crash

Elena Costa
2 min read

MultiverseX (EGLD) and Dogwifhat (WIF) Show Resilience Amidst Cryptocurrency Market Crash

In the midst of a severe cryptocurrency market crash triggered by the initiation of Mt. Gox compensation payouts, meme coins like MultiverseX (EGLD) and Dogwifhat (WIF) are showing resilience. MultiverseX has surged by over 7.5% in the past 24 hours, nearing a $902 Million market cap. Meanwhile, Dogwifhat, a popular Solana-based meme coin, has risen by 5.36%, maintaining a market cap above $1.93 billion. These gains make Dogwifhat the top performer among the top 50 cryptocurrencies.

The overall cryptocurrency market has seen a 3.8% decline, with the meme coin sector suffering an 11.4% loss. Major cryptocurrencies like Bitcoin and Ethereum are also down, with Bitcoin losing 2.8% and Ethereum dropping nearly 5%. This downturn has led to significant liquidations, with Bitcoin traders alone losing $578 million in the last day, primarily from long positions, as reported by CoinGlass. This marks one of the worst days for bullish investors since mid-April, highlighting the impact of the Mt. Gox compensation news on market sentiment.

Key Takeaways

  • MultiverseX (EGLD) and Dogwifhat (WIF) show gains despite crypto market crash.
  • MultiverseX gains 7.5%, nearing $1.5 billion in capitalization.
  • Dogwifhat (WIF) up 3.2%, with over $902 Million in capitalization.
  • Bitcoin and Ethereum lose 2.8% and 5% respectively.
  • $578 million lost in Bitcoin liquidations in the last 24 hours.


The Mt. Gox payout initiation has exacerbated market volatility, benefiting meme coins like MultiverseX and Dogwifhat. These coins' resilience suggests investor interest in high-risk, high-reward assets. Short-term, this divergence benefits early investors and meme coin platforms but risks broader market instability. Long-term, sustained gains could shift investor focus towards alternative cryptocurrencies, challenging Bitcoin and Ethereum dominance. Financial instruments tied to major cryptos face immediate losses, while meme coin-focused funds could see growth.

Did You Know?

  • Dogwifhat (WIF):
    • Dogwifhat (WIF): Another meme coin, specifically based on the Solana blockchain. Solana-based meme coins like Dogwifhat benefit from the high transaction speeds and low costs of the Solana network, making them attractive to traders seeking quick, cost-effective transactions. Its performance in the top 50 cryptocurrencies highlights its significant market presence and investor interest.
  • Mt. Gox compensation payouts:
    • Mt. Gox: Once one of the largest cryptocurrency exchanges, Mt. Gox filed for bankruptcy in 2014 after losing hundreds of thousands of Bitcoins due to a hack. The initiation of compensation payouts refers to the process of returning funds to affected users, which can significantly impact market liquidity and investor sentiment, as seen in the recent market crash.

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