Memecoins
PEPE, FLOKI and BRETT among the poorest artists
TL;DR
- The cryptocurrency market underwent a significant correction on June 11, affecting both major digital assets and meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
- Beercoin (BEER) stood out by hitting an all-time high despite the recession, highlighting the unpredictable and volatile nature of the industry.
The memes are bleeding
The cryptocurrency market started the week on the right foot, recovering some losses recorded in recent days. However, another major correction occurred on June 11, with Bitcoin (BTC) falling below $68,000 and Ethereum (ETH) dropped to almost $3,500.
The situation in the meme coin industry is no better. The leaders in terms of market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – fell by 3% each on a daily scale, while Pepe (PEPE) and Floki Inu (FLOKI) recorded more painful declines.
The frog theme Brett (BRETT), which has seen a massive bull run in recent days, also headed south. Its price currently hovers around $0.16, a decline of 9% in the last 24 hours but still a weekly increase of 33%.
One of the few meme coins defying the negative market trend is Beercoin (BEER). Several hours ago, its value reached an all-time high of around $0.00057044. Currently, it is trading at around $0.0004969, a massive 450% surge on a 14-day basis.
Price of BEER, Source: CoinGecko
ConstitutionDAO (PEOPLE), PONKE (PONKE) and Apu Apustaja (APU) are among the few other gainers, seeing a slight recovery in prices.
A strong warning for investors
The meme coin industry is able to issue tokens that experience substantial price increases in a short period of time, thus benefiting experienced traders who enter the ecosystem in the early days. There are numerous examples of people who made millions (at least in paper profits) due to asset class management.
The latest sector pullback, however, should also serve as an important warning that jumping on the bandwagon can lead to crucial losses due to increased volatility.
Take a look at our dedicated video to check the most common mistakes that successful traders must avoid when delving into the matter: