Meme Coin Bloodbath: The Worst Performers Are BRETT, FLOKI, and PEPE
There are so many memes.
The week began well for the cryptocurrency market, which recovered some of the losses it had suffered over the previous few days. But on June 11, there was again another sharp decline, with Ethereum (ETH) falling to over $3,500 and Bitcoin (BTC) falling below $68,000.
It’s not getting any better in the meme coin industry. The top two cryptocurrencies in terms of market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), are down 3% per day, while Pepe (PEPE) and Floki Inu (FLOKI) saw more severe drops.
Also heading south was the frog-themed Brett (BRETT), which had been experiencing a tremendous bull run in the previous several days. At $0.16, its price has dropped by 9% in the last day but has increased by 33% over the past week.
After going through a tremendous bull run in the last several days, the frog-themed Brett (BRETT) also headed south. With a 9% decline over the last day and a 33% weekly increase, its price is currently trading at $0.16.
Beercoin is (BEER) one of the few meme coins that is bucking the downtrending market. It was valued at roughly $0.00057044 at its peak a few hours ago. Right now, its price is about $0.0004969, which is a massive 14-day spike of 450%.
Though they carry a large risk, meme coins have the potential to yield large gains. Investors should therefore exercise caution when dealing with them and make sure they are knowledgeable about the current unstable market environment.
Apu Apustaja (APU), PONKE (PONKE), and ConstitutionDAO (PEOPLE) are a few more gainers that have had a slight price recovery.
A Cautionary Tale for Investees
The meme coin industry has the capacity to produce tokens that see rapid and significant price gains, which is advantageous for astute traders who join the ecosystem early. Many stories exist of persons who dealt with the asset class and gained millions, at least in paper gains.
However, the most recent decline in the industry should also be a serious warning that joining a trend can result in significant losses due to increased volatility.
