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Around $75 billion has exited crypto markets over the past 12 hours with total capitalization falling to a monthly low of $2.48 trillion.In a post on X on June 18, Bitcoin pioneer Kyle Chassé said it has “never been clearer to see how people are exiting meme coins super fast.”
He observed that the meme coin narrative, which was “leading by relative strength a few days ago,” is now “nowhere to be seen.”He also described this meme coin exodus as a “flight to quality” as traders and investors turn to crypto assets that provide a function or serve a purpose.While total crypto capitalization is down 3%, meme coin market capitalization has dropped 14% in the same period and is now $48.
The biggest loser was the MAGA coin TRUMP which has dumped 34% in a fall to $7.34. Donald Trump has not officially endorsed the asset and there have been rumors that his team launched an “official” token on Solana. Ordinals creator ‘Leonidas’ observed that the only meme coin still in the green over the past seven days was the Runes-based DOG•GO•TO•THE•MOON token DOG.Meme coins are not the only crypto assets that have been dumped hard recently, though this category has suffered the greatest losses.There were heavy losses for Solana , which dropped 7% in a fall to $132, while Cardano dumped 7.8%, falling to $0.37.
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