Memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) underperformed the market on June 18, indicating a departure from the momentum that propelled the sector higher last week.

狗狗幣 (DOGE)、柴犬 (SHIB) 和佩佩 (PEPE) 等 Memecoin 在 6 月 18 日表現不佳，顯示與上週推動該行業走高的勢頭背離。

Data from CoinMarketCap reveals that the total market capitalization of memecoins has declined by 11% to $45.31 billion in the past 24 hours. The daily trading volume has increased by 79% to $6.25 billion, highlighting the intensity of the sell-side pressure.

CoinMarketCap 的數據顯示，memecoin 的總市值在過去 24 小時內下降了 11%，至 453.1 億美元。每日交易量增加了 79%，達到 62.5 億美元，凸顯了賣方壓力的強度。

Dogwifhat (WIF) witnessed the most substantial decline among the top-cap memecoins, losing 14.55% of its market value over the past 24 hours. Book of Meme (BOME) followed with a 14.3% loss, and Brett (BRETT) ranked third with a 13% decline during the same period.

Dogwifhat (WIF) 是頂級迷因幣中跌幅最大的，在過去 24 小時內市值下跌了 14.55%。 Book of Meme (BOME) 緊隨其後，下跌 14.3%，Brett (BRETT) 同期下跌 13%，排名第三。

Key memecoins DOGE and SHIB experienced losses of 11.4% and 11.5% on the daily chart, respectively, while PEPE fell by 10%.

關鍵模因幣 DOGE 和 SHIB 在日線圖上分別下跌 11.4% 和 11.5%，而 PEPE 則下跌 10%。

Several factors may have contributed to the downturn in memecoins:

有幾個因素可能導致了模因幣的低迷：

Weakening Market Structure:

市場結構疲軟：

Historically, the bull market has been primarily driven by retail investors, with funds flowing from large-cap cryptocurrencies like Bitcoin (BTC) and Ether (ETH) into altcoins. However, the current correction in memecoin prices has coincided with a pullback in TOTAL3 - the total market cap of all cryptocurrencies excluding BTC and ETH - after it peaked at $720 billion on June 5.

從歷史上看，多頭市場主要由散戶投資者推動，資金從比特幣（BTC）和以太幣（ETH）等大盤加密貨幣流向山寨幣。然而，目前 memecoin 價格的調整恰逢 TOTAL3（不包括 BTC 和 ETH 的所有加密貨幣總市值）在 6 月 5 日達到 7,200 億美元高峰後出現回落。

Since then, TOTAL3 has declined by 19% to $582.88 billion at the time of writing. This pullback has given rise to a descending parallel channel on the daily chart.

此後，截至撰寫本文時，TOTAL3 已下降 19%，至 5,828.8 億美元。這種回調在日線圖上形成了一個下降的平行通道。

Traders took profits after the daily relative strength index (RSI) reversed direction, moving away from the overbought region just before it reached 70 following a rally in Ethereum-based memecoins that saw PEPE hit new all-time highs.

日相對強度指數 (RSI) 逆轉方向後，交易者獲利了結，在基於以太坊的 memecoin 反彈（PEPE 創下歷史新高）後，交易者在達到 70 之前就脫離了超買區域。

An RSI reading close to 70 indicates that altcoins were becoming overvalued, triggering a trend reversal or corrective pullback.

RSI 讀數接近 70 表示山寨幣被高估，引發趨勢逆轉或回調。

Technically, altcoins continue to be trapped in an extended downtrend, evident from TOTAL3's downward movement within the descending parallel channel. The RSI value has dropped from 62 to 30 in the past two weeks, suggesting that bears dominate the market.

從技術上講，山寨幣繼續陷入持續的下跌趨勢，從 TOTAL3 在下降平行通道內的下行走勢可以明顯看出。過去兩週，RSI 值從 62 下降至 30，顯示空頭主導市場。

Should TOTAL3 fail to recover and rise above $600 billion, which represents the channel's middle boundary, altcoins, including major memecoins, could continue to decline over the coming days.

如果 TOTAL3 未能恢復併升至 6000 億美元以上（代表該渠道的中間邊界），那麼包括主要模因幣在內的山寨幣可能會在未來幾天繼續下跌。

Declining Memecoin Trading Volume:

Memecoin 交易量下降：

Memecoin's weekly trading volume has been on a downward trend since early March, as previously reported by Cointelegraph.

根據 Cointelegraph 先前報導，自 3 月初以來，Memecoin 的每週交易量一直呈下降趨勢。

Data from Dune Analytics indicates that memecoin transactions across blockchains, including Ethereum and Solana, have collectively declined by 97% from their March peak of $996.7 million to $30.35 million during the week ending June 14. This suggests a waning interest or confidence among traders in the sector.

Dune Analytics 的數據表明，在截至6 月14 日的一周內，包括以太坊和Solana 在內的區塊鏈上的memecoin 交易已從3 月份峰值9.967 億美元集體下降97% 至3035 萬美元。交易者對memecoin 的興趣或信心正在減弱。

Analyzing individual memecoins, CoinMarketCap data reveals that DOGE's trading volume dropped by approximately 41% between April 17 and June 17. Similarly, SHIB's and PEPE's trading volumes have fallen by 68% and 34%, respectively, during the same period.

透過分析各個迷因幣，​​CoinMarketCap 數據顯示，DOGE 的交易量在4 月17 日至6 月17 日之間下降了約41%。 34%。

Massive Crypto Liquidations Accompany Memecoin Crash:

Memecoin 崩盤伴隨著大規模加密貨幣清算：

Data from Coinglass reveals that the ongoing crypto market selloff has resulted in over $434 million in liquidated leveraged positions in the past 24 hours, with DOGE longs accounting for $60.22 million and SHIB longs amounting to $22.6 million, contributing significantly to the memecoin liquidations.

Coinglass 的數據顯示，持續的加密市場拋售導致過去 24 小時內清算槓桿頭寸超過 4.34 億美元，其中 DOGE 多頭金額為 6022 萬美元，SHIB 多頭金額為 2260 萬美元，對 memecoin 清算做出了巨大貢獻。

Over $4.4 million in PEPE longs and $2.3 million in WIF longs were also liquidated during the same period.

同期，超過 440 萬美元的 PEPE 多頭和 230 萬美元的 WIF 多頭也被清算。

More than 160,826 traders were liquidated over the last 24 hours, with the most significant single liquidation occurring on Binance and involving an ETH/USDC trade valued at $6.44 million.

在過去 24 小時內，超過 160,826 名交易者被清算，其中最重大的單筆清算發生在幣安上，涉及價值 644 萬美元的 ETH/USDC 交易。

Crypto prices, including those of memecoins, are negatively impacted when long derivative positions are liquidated without the support of buying pressure from trading volume.

當多頭衍生性商品部位在沒有交易量購買壓力的支持的情況下被清算時，包括迷因幣在內的加密貨幣價格會受到負面影響。

Please note that this article does not constitute investment advice or recommendations. Investing and trading involve inherent risks, and individuals should conduct their own research before making investment decisions.

請注意，本文不構成投資建議或推薦。投資和交易涉及固有風險，個人在做出投資決定之前應進行自己的研究。