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Saturday, June 22, 2024

Meme Coin Market Faces Major Setback: PEPE, FLOKI, and BRETT Among Hardest Hit

The cryptocurrency market experienced a significant correction on June 11, impacting both major digital assets and meme coins alike, including Dogecoin (DOGE) and Shiba Inu (SHIB). Notably, Beercoin (BEER) reached an all-time high despite the downturn, highlighting the sector’s unpredictable and volatile nature.

Memes are Bleeding

The cryptocurrency market started the week on a positive note, recovering some recent losses. However, another severe correction on June 11 saw Bitcoin (BTC) plunging below $68,000 and Ethereum (ETH) dropping to nearly $3,500.

The meme coin sector fared no better. Leading meme coins by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), each fell by 3% on a daily scale. Pepe (PEPE) and Floki Inu (FLOKI) suffered even more significant declines.

The frog-themed Brett (BRETT), which had been on a massive bull run, also headed south. Its price currently hovers around $0.16, marking a 9% pullback in the past 24 hours, though it remains a 33% increase for the week.

Beercoin Defies the Trend

One of the few meme coins defying the negative market trend is Beercoin (BEER). Its value reached an all-time high of approximately $0.00057044 several hours ago. It currently trades at around $0.0004969, a staggering 450% spike over a 14-day period.

Also Read; Uniswap Labs Appoints Ex-Coinbase Executive as Chief Legal Officer Amid Regulatory Scrutiny

A Stark Warning for Investors

The meme coin sector often generates tokens that experience substantial price increases in a short period, benefiting savvy traders who enter early. Numerous examples exist of individuals making millions in paper profits from this asset class.

However, the latest pullback in the sector serves as a crucial warning. Jumping on the bandwagon can lead to significant losses due to enhanced volatility.

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