#NFPCryptoImpact The crypto market has seen a sharp decline over the past 24 hours, with meme coins taking the biggest hit.

According to CoinGecko, the total crypto market cap fell by over 15%, while the market cap of meme coins dropped by more than 12% to $113.32 billion as whales exited their positions.

Meme Coin Market Reacts to Whale Sell-Offs

The total crypto market cap dropped to $3.42 trillion on January 8 as most leading cryptocurrencies, including Bitcoin and Ethereum, recorded losses.

The declines among the top meme coins have been particularly severe. Popular meme coins such as Dogecoin and Shiba Inu witnessed large drops on the 24-hour chart, pushing down the meme coin market cap.