Meme Coins Face $1.4 Billion Sell-Off on Binance as Bitcoin Slides From Its Peak

CryptoQuant estimates that cumulative selling pressure on meme coins traded on Binance has exceeded $1.4 billion since Bitcoin’s most recent peak. Bitcoin has fallen as much as 54% from its October high and now trades about 35% below it; meme coins, which rely heavily on online trends and community hype, have suffered more as investors pull back from riskier assets. Their share of the total altcoin market capitalization has dropped below 3%, its lowest level, with weekly losses of almost 9% for Dogecoin and Shiba Inu and over 19% for MemeCore. The token Hunter Biden’s LAPTOP, launched September 9 on Coinbase’s Base network, has lost 98% of its value.