Memecoins
Meme Coins Melt Double Digits as “Flight to Quality” Begins.
In the last 12 hours, approximately $75 billion has exited the cryptocurrency markets, with total capitalization falling to a monthly low of $2.48 trillion.
However, meme coins are suffering the greatest losses, with many of them recording double-digit dumping.
In a June 18 post on
He noted that the meme coin narrative, which “was leading by relative strength a few days ago,” is now “nowhere to be seen.”
Meme coin meltdown
He also described this exodus of meme coins as a “flight to quality” as traders and investors turn to cryptocurrencies that provide a function or serve a purpose.
“The rush to quality has begun and the memecoin market has undergone a huge disruption!!!”
While the total capitalization of cryptocurrencies fell by 3%, the market capitalization of meme coins fell by 14% over the same period and now stands at $48.8 billion. second at CoinGecko.
The biggest loser was the MAGA TRUMP coin, which fell 34% to $7.34. Donald Trump has not officially endorsed the asset and there are rumors that his team has launched an “official” token on Solana.
Several other meme coins suffered losses of more than 14%, including dogwifhat (WIF), Brett (BRETT), and Book of Meme (BOME).
The top three, Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are down double digits.
Ordinals creator “Leonidas” noted that the only meme coin still in the green over the past seven days was the DOG•GO•TO•THE•MOON token based on the DOG runes.
Altcoins are also suffering
Meme coins are not the only crypto assets that have been heavily dumped recently, although this category has suffered the biggest losses. Altcoins Even today they are bleeding heavily, so the “flight to quality” has not yet begun.
Solana (SOL) suffered heavy losses, falling 7% to $132, while Cardano (ADA) lost 7.8%, falling to $0.37.
Other altcoins in similar trouble include Avalanche (AVAX), Uniswap (UNI), Internet Computer (ICP), and Near Protocol (NEAR).
Bitcoin fell into support to around $65,000 before recovering slightly, and still remains within a three-and-a-half-month sideways channel.