Meme Coins Face $1.4 Billion Sell-Off on Binance as Bitcoin Slides From Its Peak
BTC when published $82,205Now $80,617 ▼ −1.93% since it was published
Meme coins have faced more than $1.4 billion in cumulative selling pressure on Binance since Bitcoin hit its last peak, according to CryptoQuant. The sector has taken a heavy hit amid the broader crypto market struggle. Meme Coins Lose Ground Bitcoin’s maximum drawdown since its October peak reached 54%, while its price now sits around 35% below that high. Meme coins have suffered even more as investors pull back from riskier assets. Unlike projects with stronger fundamentals, most meme coins rely heavily on online trends and community hype, which has left them vulnerable during the downturn. Their share of the total altcoin market cap has now dropped below 3%, which is its lowest level. The decline points to a sharp loss of liquidity across the sector.
First reported by CryptoPotato. This page is a short excerpt; the full text is theirs.
