Why Are Meme Coins Falling?

為什麼 Meme 幣會下跌？

The cryptocurrency market is experiencing a downturn, with meme coins like Dogecoin, Shiba Inu, and Pepe leading the decline. As of June 18th, meme coin volumes have fallen by 11% in the past 24 hours, reaching $45.31 billion. Daily trading volumes, however, have surged by 79% to $6.25 billion, indicating a mass liquidation effort.

加密貨幣市場正在經歷低迷，狗狗幣、柴犬和佩佩等迷因幣領跌。截至 6 月 18 日，Meme 幣交易量在過去 24 小時內下降了 11%，達到 453.1 億美元。然而，每日交易量猛增 79% 至 62.5 億美元，顯示存在大規模清算行動。

Historical Market Trends

歷史市場趨勢

Traditionally, bull markets in cryptocurrency start with Bitcoin (BTC) and Ethereum (ETH), which then impact altcoins. During the recent market correction, the Total3 index, excluding BTC and ETH, rose to $720 billion on June 5th before retreating. It has since fallen by 19% to $582.88 billion at the time of writing. This has resulted in the formation of a descending parallel channel on the daily chart.

傳統上，加密貨幣牛市始於比特幣（BTC）和以太幣（ETH），然後影響山寨幣。在最近的市場調整中，不包括 BTC 和 ETH 的 Total3 指數在 6 月 5 日昇至 7,200 億美元，然後回落。截至本文撰寫時，該數字已下跌 19%，至 5,828.8 億美元。這導致日線圖上形成下降平行通道。

During this time, the daily Relative Strength Index (RSI) dropped below the overbought zone, indicating that investors were taking profits. Ethereum-based meme coins, especially PEPE, had been increasing in value. A high RSI near 70 typically signals overvaluation of altcoins, leading to market correction or trend reversal.

在此期間，每日相對強度指數（RSI）跌破超買區域，顯示投資人正在獲利了結。基於以太坊的模因幣，尤其是 PEPE，其價值一直在增加。 RSI 接近 70 的高值通常表示山寨幣估值過高，導致市場調整或趨勢逆轉。

Meme Coin Trading Volume Declines

Meme 幣交易量下降

In March, meme coins dominated the market, but there has been a sharp decline since then. Data from Dune Analytics shows that meme coin transactions across networks like Ethereum and Solana have plummeted from $996.7 million in March to $30.35 million in the week ending June 14th.

3月份，meme幣主導了市場，但此後急劇下滑。 Dune Analytics 的數據顯示，以太坊和 Solana 等網路上的 meme 幣交易量已從 3 月的 9.967 億美元驟降至截至 6 月 14 日當週的 3,035 萬美元。

Dogecoin (DOGE) experienced a 41% drop in trading volume between April 17th and June 17th. Shiba Inu (SHIB) and Pepe (PEPE) saw declines of 68% and 34%, respectively.

4 月 17 日至 6 月 17 日期間，狗狗幣 (DOGE) 的交易量下降了 41%。柴犬 (SHIB) 和佩佩 (PEPE) 分別下跌 68% 和 34%。

Key Takeaways

重點

• Investors are liquidating meme coins, contributing to increased daily trading volumes despite falling market values.
• High RSI values near 70 suggest overvaluation, prompting profit-taking.
• Meme coin trading volumes have declined significantly, especially for DOGE, SHIB, and PEPE.
• The Total3 index, excluding BTC and ETH, has fallen by 19% since early June, reflecting broader market correction.

Technical analysis indicates that the altcoin downtrend continues, with the Total3 indicator moving downward within a descending parallel channel. The RSI also recorded a steep decline, signaling strong bearish momentum in the market.

投資者正在清算Meme 幣，儘管市值下跌，但仍導致每日交易量增加。 Total3 指數不包括 BTC 和 ETH，自 6 月初以來已下跌 19%，反映了更廣泛的市場調整。 RSI也錄得大幅下跌，顯示市場強勁的看跌勢頭。