Why Are Meme Coins Falling?

为什么 Meme 币会下跌？

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.

加密货币市场正在经历低迷，狗狗币、柴犬和佩佩等模因币领跌。截至 6 月 18 日，Meme 币交易量在过去 24 小时内下降了 11%，达到 453.1 亿美元。然而，每日交易量猛增 79% 至 62.5 亿美元，表明存在大规模清算行动。

Historical Market Trends

历史市场趋势

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.

传统上，加密货币牛市始于比特币（BTC）和以太坊（ETH），然后影响山寨币。在最近的市场调整中，不包括 BTC 和 ETH 的 Total3 指数在 6 月 5 日升至 7200 亿美元，然后回落。截至撰写本文时，该数字已下跌 19%，至 5,828.8 亿美元。这导致日线图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.

在此期间，每日相对强度指数（RSI）跌破超买区域，表明投资者正在获利了结。基于以太坊的模因币，尤其是 PEPE，其价值一直在增加。 RSI 接近 70 的高值通常表明山寨币估值过高，导致市场调整或趋势逆转。

Meme Coin Trading Volume Declines

Meme 币交易量下降

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币主导了市场，但此后急剧下滑。 Dune Analytics 的数据显示，以太坊和 Solana 等网络上的 meme 币交易量已从 3 月份的 9.967 亿美元骤降至截至 6 月 14 日当周的 3035 万美元。

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 日期间，狗狗币 (DOGE) 的交易量下降了 41%。柴犬 (SHIB) 和佩佩 (PEPE) 分别下跌 68% 和 34%。

Key Takeaways

要点

• 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.

投资者正在清算 Meme 币，尽管市值下跌，但仍导致每日交易量增加。RSI 值接近 70 表明估值过高，促使获利了结。Meme 币交易量大幅下降，尤其是 DOGE、SHIB 和 PEPE。Total3 指数不包括 BTC 和 ETH，自 6 月初以来已下跌 19%，反映了更广泛的市场调整。技术分析表明，山寨币的下跌趋势仍在继续，Total3 指标在下降平行通道内向下移动。 RSI也录得大幅下跌，表明市场强劲的看跌势头。