The cryptocurrency market witnessed a sharp decline, with the total market value declining by about $75 billion over the past 12 hours, reaching a monthly low of $2.48 trillion.
Meme cryptocurrencies were the hardest hit, seeing significant declines.
Meme digital currencies suffer huge losses:
Crypto market analyst Kyle Chasey said in a post on the X platform today, June 18, that the rapid sale of meme-themed currencies has become evident.
He explained that meme-themed digital currencies, which were dominating the market with relative strength a few days ago, have declined significantly and are no longer visible in the market.
Chase described this significant decline as a flight to quality, as investors turn to cryptocurrencies that offer real functionality or serve tangible purposes.
He added:
The trend towards quality has begun, so the meme market has seen a huge shake-up and while the total market capitalization of cryptocurrencies fell by 3%, the market capitalization of memes fell by 14% in the same period, reaching $48.8 billion, according to CoinGecko.
MAGA TRUMP was the biggest loser, falling 34% to $7.34.
Other meme coins also suffered losses exceeding 14%, including Dogewhatever (WIF), Britcoin (BRT), and Book of Meme (BOME).
As for the top three meem currencies:
Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) also fell by double digits.
It was not only meme-themed digital currencies that witnessed a significant decline, as alternative digital currencies also suffered noticeable declines.
Regarding Bitcoin, the price of the coin fell to the support level at around $65,000 before recovering slightly, and it has been trading within a consolidation channel that has been going on for three and a half months.
