Coins themselves melt by double digits as the “flight to quality” begins.

Around $75 billion has flown out of crypto markets over the past 12 hours, and total capitalization has fallen to a monthly low of $2.48 trillion.

However, meme coins are suffering the biggest losses, with many of them pouring in double digits.

In a post on X on June 18, Bitcoin pioneer Kyle Chassé said that “it’s never been clearer to see people exit meme coins so fast.”

He noted that the meme currency narrative, which “led with relative strength a few days ago,” is now “nowhere to be seen.”

Meme Coin Funding

He also described this exodus of meme coins as a “flight to quality” as traders and investors turn to crypto assets that provide a function or purpose.

“The flight to quality has begun and the memecoin market has experienced a major shock!!!”

SHIT!!!!

It has NEVER been clearer… pic.twitter.com/ql2VycgqPM

— Kyle Chasse (@kyle_chasse) June 18, 2024

While the total crypto cap is down 3%, the market cap of meme coins is down 14% over the same period and is now $48.8 billion, according to CoinGecko.

The biggest loser was the MAGA TRUMP coin, which is down 34% to fall to $7.34. Donald Trump has not officially endorsed the asset and there have been rumors that his team released an “official” token to Solana.

Several other meme coins saw losses of more than 14%, including dogwifhat (WIF), Brett (BRETT), and Book of Meme (BOME).

The top three, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), were also down by double digits.

Ordinal creator ‘Leonidas’ noted that the only meme coin that stayed green for the past seven days was the rune-based DOG token DOG•GO•TO•THE•MOON.

Of the top 15 memecoins $GOS it is holding the strongest in the last 7 days and is down only 2.92%

The $GOS the army shows up every day no matter what!!!!!!! pic.twitter.com/gkemVKTnt1

— Leonidas (@LeonidasNFT) June 18, 2024

Altcoins also in pain

Meme coins aren’t the only crypto assets that have been thrown hard recently, though this category has seen the biggest losses. Altcoins are also bleeding heavily today, so the “flight to quality” hasn’t started yet.

There were big losses for Solana (SOL), which fell 7% in a slide to $132, while Cardano (ADA) fell 7.8% to $0.37.

Other altcoins in similar pain include Avalanche (AVAX), Uniswap (UNI), Internet Computer (ICP), and Near Protocol (NEAR).

Bitcoin fell into support around $65,000 before recovering slightly, and is still within a three-and-a-half-month lateral channel.

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