Meme Coin Massacre: PEPE, FLOKI, and BRETT Among the Poorest Performers
TL;DR
- The cryptocurrency market experienced a significant correction on June 11, impacting both major digital assets and meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
- Beercoin (BEER) stood out by reaching an unprecedented high despite the downturn, highlighting the unpredictable and volatile nature of the sector.
Memes are Suffering
The cryptocurrency market began the week on a positive note, recovering some of the losses that had been incurred in the previous days. However, another intense correction took place on June 11, with Bitcoin (BTC) tumbling below $68,000 and Ethereum (ETH) almost hitting $3,500.
The situation in the meme coin space is equally bleak. The market cap leaders – Dogecoin (DOGE) and Shiba Inu (SHIB) – both experienced a 3% decline in daily trading, while Pepe (PEPE) and Floki Inu (FLOKI) suffered more severe setbacks.
The frog-themed Brett (BRETT), which had been on a tremendous bull run in recent days, also took a downturn. Its price is currently hovering around $0.16, undergoing a 9% pullback in the past 24 hours, but still maintaining a 33% increase for the week.
One of the rare meme coins defying the negative market trend is Beercoin (BEER). Just a few hours ago, its value reached an all-time high of approximately $0.00057044. Currently, it is trading at roughly $0.0004969, marking an astonishing 450% spike over a 14-day period.
ConstitutionDAO (PEOPLE), PONKE (PONKE), and Apu Apustaja (APU) are among the few other gainers, experiencing minor price resurgence.
A Stark Warning for Investors
The meme coin space is capable of producing tokens that undergo significant price increases in a short span of time, thereby benefiting savvy traders who enter the market in its early days. There are numerous examples of individuals who have made millions (at least on paper) by engaging with this asset class.
However, the recent retracement in the sector should also serve as a serious warning that jumping on the bandwagon can result in substantial losses due to the heightened volatility.
Please refer to our dedicated video for an overview of the most common mistakes that successful traders should avoid when venturing into this domain: