The general decline in the cryptocurrency market also negatively affects meme coins. This decline was led primarily by Bitcoin (BTC) and Ethereum (ETH), and has severely dragged down the performance of popular meme coins such as Dogecoin, Shiba Inu, and Pepe. According to CoinMarketCap data, meme coin volume decreased by 11% in the last 24 hours, falling to $45.31 billion. However, daily trading volume increased by 79% to $6.25 billion, indicating that investors are inclined to sell their coins.
Market Outlook Weakening
Looking at market history, bull markets generally started with Bitcoin and Ethereum and then spread to altcoins. However, with the recent correction, crypto market cap outside BTC and ETH (Total3) has started to decline after reaching $720 billion on June 5. Total3 decreased by 19% to $582.88 billion, and this downtrend formed a descending parallel channel on the daily chart.
During this time, the daily relative strength index (RSI) fell below the overbought zone before rising above 70 on the rise of Ethereum-based meme coins, led by PEPE. This shows that investors are turning to profit taking. An RSI value close to 70 indicates that altcoins are overvalued and the trend is reversing or entering a corrective pullback.
As a result, the downtrend continues for altcoins, causing the Total3 indicator to move downwards within the descending parallel channel. There was a decline in the RSI value from 62 to 30 in the two-week period, which indicates intense bear market pressure.
Meme Coin Transaction Volume Drops
While meme coins had a big rise in March, there has been a serious decline since then. Meme coin transactions across all networks, including Ethereum and Solana, dropped from $996.7 million in March to $30.35 million as of June 14, according to Dune Analytics data.
Looking specifically at Dogecoin (DOGE), trading volume dropped by 41% between April 17 and June 17. Other meme coins such as Shiba Inu (SHIB) and Pepe (PEPE) experienced declines of 68% and 34%, respectively.
PLEASE READ CAREFULLY FOR A GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. DON'T FORGET TO FOLLOW IF YOU HAVE NOT FOLLOWED YET. KIND REGARDS.
