Wolfspeed Inc., the semiconductor company behind the meme coin WOLF, saw its stock plunge 5.25% on Monday, amid a broader selloff in the meme coin market. The drop was likely driven by the steep correction experienced by the WOLF meme coin, which lost over 30% of its value in the last 24 hours.
The meme coin market as a whole has taken a hit, with popular coins like MAX, PIPPIN, and FWOG also suffering significant losses. This sector-wide pullback, which saw the total market capitalization for meme coins dip below $100 billion, was triggered by a broader crypto market correction, with Bitcoin and Ethereum both experiencing notable price drops.
The selloff in the meme coin market, including WOLF, has led to over $699 million in liquidations from open trade positions, with long positions being hit the hardest. As investors seek safer havens amid the market volatility, attention has shifted to presale tokens like Flockerz (FLOCK) and Wall Street Pepe (WEPE), which have raised millions of dollars and are set to launch soon.
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