Introduction to Current Market Sentiment
The bulls remain subdued as Bitcoin experienced a 3% decline, settling at $108,500 over the past seven days. Adding to the cautious sentiment, a prominent Bitcoin whale, who previously profited $200 million during a recent market crash, has initiated a significant leveraged short position of $235 million. This move raises questions about the potential for another swift market downturn.
The Bitcoin whale who made $200M in profits during the recent market crash is betting big again with a $235M leveraged short position. Is another flash crash coming?
— Arkham (@arkham) June 14, 2024
Altcoins are also experiencing uncertainty, with traders closely monitoring tomorrow's U.S. inflation data. This economic indicator is expected to influence the Federal Reserve's decisions regarding interest rate policy later this month.
US inflation expectations are at their lowest in over two years. This should be bullish for risk assets like Bitcoin and altcoins.
— The Crypto Day Trader (@greybtc) June 15, 2024
As anticipated, meme coins have largely mirrored the broader market sentiment. However, some notable exceptions emerged, with the Chinese-themed meme coin 币安人生 (币安人生) experiencing a significant surge of over 100%.
Several key developments have influenced the meme coin market this week:
- •Newsmax is reportedly planning to establish a digital assets treasury, with a focus on Bitcoin and the TRUMP meme coin. The media organization intends to acquire up to $5 million worth of both assets over the next year.
Newsmax is planning a digital assets treasury centered around Bitcoin and the TRUMP meme coin. The media giant plans to scoop up as much as $5 million worth of both over the next year.
— Coin Bureau (@coinbureau) June 13, 2024
- •House of Doge, the commercial arm of Dogecoin, has acquired a majority stake in the Italian football club U.S. Triestina 1918 through its merger partner Brag House Holdings. This strategic move aims to broaden the real-world utility of DOGE by facilitating cryptocurrency payments.
HOUSE OF DOGE is proud to announce we have acquired a majority stake in the Italian football club U.S. Triestina 1918 through our merger partner Brag House Holdings! ⚽️
This is a massive step forward for the Dogecoin ecosystem and for sports!— House of Doge (@houseofdoge) June 14, 2024
- •House of Doge has also secured an ownership stake in HC Sierre, a professional ice hockey club based in Switzerland.
House of Doge has secured an ownership stake in HC Sierre, a Swiss professional ice hockey club.
— House of Doge (@houseofdoge) June 15, 2024
7-Day Meme Coin Market Snapshot
The overall market capitalization of the meme coin sector decreased by 2% to $55.5 billion. Trading volume experienced a more significant decline, indicating that the meme coin market has not yet fully regained momentum.
Meme Launchpad Activity
The demand for newly launched meme coins has remained consistent. Pump.fun, a Solana-based launchpad, generated over 14,000 tokens in a 24-hour period, a figure comparable to the previous week, according to data from Adam_tehc’s Dune dashboards. Notably, Pump.fun has surpassed BNB’s Four.meme in terms of 24-hour revenue. The question remains whether Four.meme will be able to compete effectively.
🚨 MEMECOIN WARS UPDATE 🚨
Will 4.meme fight back? Or will Solana continue its dominance? #Solana#BNB#memecoins#PumpFun#4meme#crypto#blockchain
Pump.fun is now officially outperforming 4.meme in 24hr revenue! Solana is eating BNB’s lunch in the memecoin launchpad wars.
@Pumpdotfun @coinmarketcap @cz_binance pic.twitter.com/8sX6vjM7y9— SolanaFloor (@SolanaFloor) June 16, 2024
Meme Coin Market Performance Relative to Other Crypto Sectors
The meme coin sector outperformed all other cryptocurrency sectors this week, according to DeFiLlama’s narrative tracker, concluding the week at the top of the rankings.
Top 20 Meme Coin Leaderboard
Among the top 20 meme coins, only MemeCore (M) and Floki (FLOKI) registered gains this week.
Meme Coin Charts: 7-Day Insights
Biggest Gainers (7D%)
- •币安人生 (币安人生): +102.45%
- •CREPE (CREPE): +95.94%
- •Ribbita by Virtuals (TIBBIR): +86.07%
- •Ape and Pepe (APEPE): +38.13%
- •Donkey (DONKEY): +35.11%
Biggest Decliners
SLERF is this week's top decliner. Despite this, its developer managed a rare comeback by refunding investors 19 months after accidentally burning $10 million in a widely publicized crypto blunder.
SLERF is this week's top decliner despite its dev pulling off a rare comeback by refunding investors 19 months after accidentally burning $10 million in a legendary crypto blunder.
— Slerfsol (@Slerfsol) June 14, 2024
- •SLERF (OLD) (SLERF): -68.49%
- •4 (4): -50.66%
- •Bertram The Pomeranian (BERT): -29.2%
- •Gigachad (GIGA): -25.42%
- •Osaka Protocol (OSAKA): -25.03%
Meme Coin News
Meme Coin Scandal Unmasked
A new class-action lawsuit has been filed, accusing Meteora founder Benjamin Chow of orchestrating the Libra and Melania meme coin scams. The lawsuit clarifies that U.S. First Lady Melania Trump and Argentina's President Javier Milei were used as props and are not implicated in the alleged fraud.
A new class action lawsuit accuses Meteora founder Benjamin Chow of running the Libra and Melania meme coin scams. It clears U.S. First Lady Melania Trump and Argentina's President Javier Milei, claiming they were used as props and are not to blame.
— The Block__ (@TheBlock__) June 16, 2024
Chain-Specific Highlights
Solana Memes
Leading meme coins within the Solana ecosystem have seen declines, though Comedian (BAN) has experienced an 18% increase.
Ethereum Memes
Floki closed the week with a 1% gain, following a significant 28% spike earlier in the week attributed to an Elon Musk tweet.
Floki
— Elon Musk (@elonmusk) June 14, 2024
BSC Memes
The meme coin 4 (4) experienced a 50% drop after several weeks of gains. Users can now track BNB meme coins directly via the new Four.meme tab on CoinMarketCap’s homepage.
Introducing the new Four.meme tab on CoinMarketCap’s homepage, where you can track BNB meme coins directly! #BNB#memecoins#4memepic.twitter.com/vXgJ046h4t
— CoinMarketCap (@CoinMarketCap) June 15, 2024
Sui Memes
LOFI experienced a substantial drawdown of 21%.
Base Memes
The top meme coins on the Base network concluded the week in negative territory, with BRETT experiencing a 19% decrease.
Looking Ahead: Key Actions and Observations
- •Monitor tomorrow's Consumer Price Index (CPI) release for critical market signals.
- •Consider securing leveraged meme coin profits before any potential shifts in market sentiment.
- •Track Newsmax's potential purchase of TRUMP tokens to assess its impact on token liquidity.