The cryptocurrency market faced significant losses on Monday, with major coins like ETH (CRYPTO:ETH) and XRP (CRYPTO:XRP) dropping by 4% and 5% respectively.

The overall market downturn led to approximately $300 million in liquidated leveraged positions, predominantly from long positions, amidst choppy price action.

However, meme coins suffered even steeper declines, with the sector collectively down 10% within the past 24 hours.

Leading meme coins such as DOGE (CRYPTO:DOGE), SHIB (CRYPTO:SHIB), PEPE (CRYPTO:PEPE), WIF (CRYPTO:WIF), BONK (CRYPTO:BONK), and FLOKI (CRYPTO:FLOKI) recorded notable losses ranging from 4.8% to 10%.

The Crypto Fear and Greed Index reflects a fearful sentiment at 28 points, indicating market caution amid ongoing selling pressures related to Mt. Gox's BTC and BCH (CRYPTO:BCH) repayments after a decade-long saga.