Meme coins have faced more than $1.4 billion in cumulative selling pressure on Binance since Bitcoin hit its last peak, according to CryptoQuant. Bitcoin has recorded a maximum drawdown of 54% from its October peak, with its price now sitting around 35% below that high. The share of meme coins in the total altcoin market cap has fallen below 3%, its lowest level. Dogecoin, Shiba Inu, and dogwifhat each lost nearly 9 to 10%, while BONK and FLOKI dropped more than 15%. The Hunter Biden LAPTOP token, launched on September 9 on Coinbase’s Base network, has lost 98% of its value.
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