Crypto Selloff Deepens: Top 5 Coins Lose Up to 50% – Is the Altcoin Season Over?

RAY (-46%), WIF (-42%), BONK (-38%), and FARTCOIN (-50%) led the week’s biggest losers.

All coins are now trading below major technical support levels, signaling sustained bearish momentum.

Analysts are divided: Some see this as a temporary shakeout, others as the end of speculative altcoin cycles.

The cryptocurrency market faced intensified selling pressure this week, as several prominent altcoins recorded double-digit percentage losses, with many plummeting over 40% in just seven days. Investors are increasingly rotating out of high-volatility meme and mid-cap tokens as market sentiment turns cautious. The sharpest declines were seen in Raydium (RAY), Dogwifhat (WIF), Bonk (BONK), and Fartcoin (FARTCOIN)—all of which had shown substantial gains in earlier months but have now entered a deep correction.

RAY Drops 46% Amid Liquidity Crunch

Raydium, the exceptional decentralized exchange protocol built on Solana, suffered a massive decline this week. Once celebrated for its innovative liquidity provision model and AMM structure, the token plunged 46.2% over the past 7 days, trading at $1.21 at the time of writing.

The drop is largely attributed to decreased trading activity and liquidity on Solana-based platforms, with volume drying up across Raydium's pools. Analysts also point to profit-taking after a parabolic rally earlier this year. The RSI for RAY is now in oversold territory, suggesting a potential short-term rebound, but long-term momentum remains weak unless TVL and user activity recover.

WIF Slides 42% as Hype Fades and Technicals Break Down

Dogwifhat (WIF), the viral Solana meme coin that became a cultural phenomenon earlier this year, dropped sharply by 42.5% this week. WIF is currently trading at $2.10, a sharp correction from its recent peak above $3.80.

Despite strong community backing and social media presence, WIF’s fundamentals remain purely sentiment-driven. As liquidity dried up and retail enthusiasm cooled, speculative holders began exiting positions rapidly. Technical analysis shows a breakdown below the 50-day moving average, increasing downside risks in the near term unless new catalysts emerge.

BONK Falls 38% Amid Weakening Sentiment and Declining Whale Interest

BONK, a Solana-based meme coin once touted as a groundbreaking alternative to Dogecoin and Shiba Inu, declined 38.3% this week, currently trading at $0.0000238.

Known for its deep integrations with the Solana ecosystem and explosive social growth, BONK had previously surged due to aggressive token burns and developer incentives. However, with trading volume now declining and broader sentiment weakening, BONK has struggled to maintain momentum. On-chain data shows reduced whale accumulation and an uptick in small-holder selling, suggesting further downside risk unless market confidence returns.

FARTCOIN Crashes 50% as Meme Hype Fizzles and Liquidity Dries Up

FARTCOIN, a satirical meme token with a surprisingly large online following, experienced the steepest decline this week, crashing over 50% to a current trading price of $1.03. While the token capitalized on meme culture and comedic branding, its lack of real-world utility or developer transparency has exposed it during this market correction.

Once praised for its remarkable viral success, FARTCOIN now finds itself with collapsing liquidity and a rapidly shrinking holder base. Analysts consider this drop emblematic of the broader meme coin correction.

Has the Altcoin Season Ended?

Whether the current correction signals the end of the altcoin season remains hotly debated. Capital appears to be rotating into Bitcoin and Ethereum as investors seek safer ground, while high-beta tokens like WIF, BONK, and RAY face heavy drawdowns. Market sentiment is shifting toward stability, with caution taking precedence over speculation.

Despite the severe losses, some analysts argue this may be a healthy consolidation phase before the next major uptrend. Others warn that without real-world adoption or ecosystem development, many altcoins—especially meme coins—may not recover meaningfully.