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.

狗狗币 (DOGE)、柴犬 (SHIB) 和佩佩 (PEPE) 等 Memecoin 在 6 月 18 日表现不佳，表明与上周推动该行业走高的势头背离。

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 的数据显示，memecoin 的总市值在过去 24 小时内下降了 11%，至 453.1 亿美元。每日交易量增长了 79%，达到 62.5 亿美元，凸显了卖方压力的强度。

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) 是顶级模因币中跌幅最大的，在过去 24 小时内市值下跌了 14.55%。 Book of Meme (BOME) 紧随其后，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%.

关键模因币 DOGE 和 SHIB 在日线图上分别下跌 11.4% 和 11.5%，而 PEPE 则下跌 10%。

Several factors may have contributed to the downturn in memecoins:

有几个因素可能导致了模因币的低迷：

Weakening Market Structure:

市场结构疲软：

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.

从历史上看，牛市主要由散户投资者推动，资金从比特币（BTC）和以太币（ETH）等大盘加密货币流向山寨币。然而，当前 memecoin 价格的调整恰逢 TOTAL3（不包括 BTC 和 ETH 的所有加密货币总市值）在 6 月 5 日达到 7200 亿美元峰值后出现回落。

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.

此后，截至撰写本文时，TOTAL3 已下降 19%，至 5,828.8 亿美元。这种回调在日线图上形成了一个下降的平行通道。

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.

日相对强度指数 (RSI) 逆转方向后，交易者获利了结，在基于以太坊的 memecoin 反弹（PEPE 创下历史新高）后，交易者在达到 70 之前就脱离了超买区域。

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

RSI 读数接近 70 表明山寨币被高估，引发趋势逆转或回调。

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.

从技术上讲，山寨币继续陷入持续的下跌趋势，从 TOTAL3 在下降平行通道内的下行走势可以明显看出。过去两周，RSI 值从 62 下降至 30，表明空头主导市场。

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 未能恢复并升至 6000 亿美元以上（代表该渠道的中间边界），那么包括主要模因币在内的山寨币可能会在未来几天继续下跌。

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.

据 Cointelegraph 此前报道，自 3 月初以来，Memecoin 的每周交易量一直呈下降趋势。

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 的数据表明，在截至 6 月 14 日的一周内，包括以太坊和 Solana 在内的区块链上的 memecoin 交易已从 3 月份峰值 9.967 亿美元集体下降 97% 至 3035 万美元。这表明交易者对 memecoin 的兴趣或信心正在减弱。部门。

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.

通过分析各个模因币，CoinMarketCap 数据显示，DOGE 的交易量在 4 月 17 日至 6 月 17 日之间下降了约 41%。同样，同一时期 SHIB 和 PEPE 的交易量也分别下降了 68% 和 34%。

Massive Crypto Liquidations Accompany Memecoin Crash:

Memecoin 崩盘伴随着大规模加密货币清算：

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 的数据显示，持续的加密市场抛售导致过去 24 小时内清算杠杆头寸超过 4.34 亿美元，其中 DOGE 多头金额为 6022 万美元，SHIB 多头金额为 2260 万美元，对 memecoin 清算做出了巨大贡献。

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

同期，超过 440 万美元的 PEPE 多头和 230 万美元的 WIF 多头也被清算。

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.

过去 24 小时内，超过 160,826 名交易者被清算，其中最重大的单笔清算发生在币安上，涉及价值 644 万美元的 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.

当多头衍生品头寸在没有交易量购买压力的支持的情况下被清算时，包括模因币在内的加密货币价格会受到负面影响。

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.

请注意，本文不构成投资建议或推荐。投资和交易涉及固有风险，个人在做出投资决定之前应进行自己的研究。