As a researcher with a background in cryptocurrencies and market trends, I find the recent developments in the crypto markets concerning. The exit of around $75 billion in the past 12 hours and the total capitalization falling to a monthly low of $2.48 trillion is a significant indication of market instability.
Approximately $75 billion was withdrawn from the cryptocurrency markets within the last 12 hours, causing the total market capitalization to dip down to its lowest point this month at $2.48 trillion.
However, meme coins are suffering the greatest losses, with many of them dumping by double digits.
As a researcher studying the cryptocurrency market, I came across an intriguing statement made by Bitcoin pioneer Kyle Chassé in his post on June 18. He expressed that it had never been more evident to him that people were rapidly abandoning meme coins.
The meme coin storyline, which previously held the top position, has vanished without a trace.
Meme Coins Melting
Traders and investors are shifting towards meme coins with useful functions or purposes, which He referred to as a “rush towards superior crypto assets.”
“The flight to quality has started, and the memecoin market has experienced a massive shakeout!!!”
HOLY SH*T!!!!
It’s NEVER been clearer to…
— Kyle Chassé (@kyle_chasse) June 18, 2024
In the last period, the total cryptocurrency market capitalization decreased by 3%. Conversely, the market cap of meme coins experienced a more significant decline of 14%, resulting in a current value of approximately $48.8 billion, as reported by CoinGecko.
As a researcher studying the cryptocurrency market, I’ve noticed that the MAGA coin TRUMP experienced a significant decline, dropping by 34% to a price of $7.34. It is important to note that Donald Trump has not publicly endorsed this asset. There have been speculations circulating in the crypto community that his team might have introduced an “official” token on the Solana platform, but no official announcement has been made yet.
In simpler terms, besides Dogecoin (DOGE), coins such as Dogewhiz (WIF), Brett Coin (BRETT), and Book of Memes (BOME) experienced losses exceeding 14%.
The top three, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), were also down double digits.
Leonidas, the originator of ordinal numbers, noticed that among all meme coins, only DOG‘s Runes-linked token, named DOG, had managed to maintain a green performance over the last seven days.
Among the leading 15 meme coins, I’ve observed that $DOG has shown remarkable resilience over the last week with a decrease of just 2.92%.
The $DOG army shows up every day no matter what!!!!!!!
— Leonidas (@LeonidasNFT) June 18, 2024
Altcoins Also in Pain
Recent market downturns haven’t spared meme coins alone; altcoins have experienced significant losses as well. The trend towards safer investments, known as ‘flight to quality,’ has not yet begun in earnest.
As an analyst, I observed significant declines for both Solana (SOL) and Cardano (ADA). Solana experienced a 7% drop, reaching a price of $132. Meanwhile, Cardano suffered even greater losses, with a 7.8% decrease that brought its price down to $0.37.
As a crypto investor, I’ve noticed that several altcoins are experiencing similar downturns in the market. Among them are Avalanche (AVAX), Uniswap (UNI), The Internet Computer (ICP), and Near Protocol (NEAR). These coins have been facing challenges that have led to their prices decreasing notably.
Bitcoin experienced a decline and hit the mark of roughly $65,000 as its bottom of support. However, it has managed to rebound slightly since then. Presently, Bitcoin continues to move within the confines of a 3.5-month trading range.
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2024-06-18 13:45