TL;DR
- The cryptocurrency market experienced a significant correction on June 11, affecting both major digital assets and meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
- Beercoin (BEER) stood out by reaching an all-time high despite the downturn, highlighting the unpredictable and volatile nature of the sector.
Memes are Bleeding
The cryptocurrency market started the week on the right foot, recovering some losses that had been registered in the past several days. However, another severe correction occurred on June 11, with Bitcoin (BTC) plunging below $68,000 and Ethereum (ETH) dropping to almost $3,500.
The situation in the meme coin sector is no better. The leaders in terms of market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – are down 3% each on a daily scale, while Pepe (PEPE) and Floki Inu (FLOKI) witnessed more painful declines.
The frog-themed Brett (BRETT), which was on a massive bull run in the past several days, headed south, too. Its price is currently hovering around $0.16, a 9% pullback in the past 24 hours but still a 33% weekly increase.
One of the few meme coins defying the negative market trend is Beercoin (BEER). Several hours ago, its value reached an all-time high of approximately $0.00057044. Currently, it trades at roughly $0.0004969, a whopping 450% spike on a 14-day basis.
ConstitutionDAO (PEOPLE), PONKE (PONKE), and Apu Apustaja (APU) are among the few other gainers, seeing minor price resurgence.
A Stark Warning for Investors
The meme coin sector is capable of spewing tokens that experience substantial price increases in a short period of time, thus benefiting savvy traders who enter the ecosystem in the early days. There are numerous examples of people who made millions (at least in paper profits) due to dealing with the asset class.
The latest pullback in the sector, though, should also serve as a major alert that jumping on the bandwagon can lead to crucial losses because of the enhanced volatility.
Please take a look at our dedicated video to check the most common mistakes that successful traders need to avoid when delving into the matter:
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