- The crypto market sees a volatile day as popular meme coins such as Pepe, BONK, Floki Inu, and Shiba Inu face notable declines.
- Conversely, Coinbase Ethereum L2 Base’s meme coin Brett (BRETT) emerges as a significant outperformer.
- An increase in market activities and strategic moves aim to stabilize certain tokens amidst a bearish trend.
Market shifts shake the meme coin landscape as key players experience losses while BRETT takes the lead with substantial gains.
Meme Coins Witness Significant Losses
In a stark downturn, meme coins PEPE and BONK have each plummeted by 8% over the past 24 hours. As of this morning, PEPE is priced at $0.00001417 and BONK at $0.000032, according to CoinGecko’s latest data.
Minor Setbacks for Floki Inu and Shiba Inu
Unlike their counterparts, Floki Inu (FLOKI) and Shiba Inu (SHIB) have experienced milder losses, each falling by 5% within the same period. Currently, FLOKI trades at $0.0002635 while SHIB stands at $0.00002383.
Attempts to Counter the Downtrend
Market maneuvers are in place to counter this downturn. DWF Labs has announced a $12 million token acquisition to support Floki Inu’s ecosystem, aimed at bolstering confidence and fostering upcoming projects like the ‘Valhalla’ metaverse game.
A Look at Solana’s New Entrant
Dogwifhat (WIF), a recent player in the Solana meme coin arena, labeled as the “next BONK,” has also seen a 5% drop since its market debut in December. The market has been unforgiving even to emerging assets.
BRETT’s Meteoric Rise
Contrasting the overall market downtrend, BRETT, a meme coin trading on Coinbase Ethereum Layer 2 Base, has surged by 24% in the past day, reaching a market capitalization of $1.2 billion—making it a standout player.
BRETT’s Market Position
Breaking into the top 100 crypto assets by market cap on CoinGecko, BRETT now holds the 85th position, having surpassed notable competitors such as Solana bridge Wormhole (W) and Ethereum blockchain game Axie Infinity (AXS).
Inspired by Iconic Art
BRETT draws its inspiration from Matt Furie’s Boy’s Club comic, the same artist behind Pepe the Frog. Dubbed “Pepe’s best friend on Base,” BRETT is notable for continually hitting new all-time highs since late May, exemplifying its market strength.
Trading Dynamics
With a current trading price of $0.1196, BRETT has amassed $96 million in trading volume over the last day, with significant activity occurring on platforms like Gate.io and Bybit, which constitute nearly 50% of its total volume.
Conclusion
Meme coin investors face mixed fortunes with substantial losses in popular tokens and remarkable gains for emerging stars like BRETT. This highlights the volatile nature of the crypto markets, urging investors to stay informed and exercise caution.
