Bitcoin has faced a downtrend since the start of June, with the lowest at $59,488 on June 25, according to CoinEx data. Not just that, other once-popular sectors like AI coin are in their bearish moments. While some forecast that BTC will make a new ATH soon and that altcoins will benefit from the U.S. election, they may have fallen into overly optimistic conditions.
In addition, spot Bitcoin ETFs in the United States experienced an outflow of $900 million in losses for the week. Let’s check out major altcoins and meme coin activity during this downtrend.
Highlights:
- Most cryptocurrencies have seen their prices fall over the past few weeks.
- As an OG of cryptocurrency, the discouraging price of Bitcoin leads to a drop.
- Some popular sectors, like AI coins or meme coins, can’t avoid the downtrend.
- While a rebound singal is yet to be seen, some might take advantage of the dip.
Top Altcoins and Meme Coins Facing a Significant Downtrend
Here are some altcoins and meme coins that are currently affected by the bearish sentiment of Bitcoin in June. The price was based on the live data on CoinEx at 9:30 AM UTC on June 25.
1. Ethereum (ETH) – Altcoin
Ethereum is the largest altcoin and second-largest cryptocurrency after Bitcoin in terms of market cap. $ETH is trading at $3,372 at press time, down by 10% monthly. The Ethereum Spot ETF was successfully approved in late May. However, it didn’t result in positive momentum for ETH.
According to ETF analyst Bloomberg Eric Balchunas, applicants have updated their S-1 filling for the spot ETH ETF. In this submitted document, Franklin has set its Ethereum ETF fees at 0.19%, while VanEck has set its fees at 0.2%, as announced on Friday this week. Moreover, Blackrock, the pioneer money management company, has revealed a seed investment of $10 million as a significant undisclosed investor purchased $10 million worth of its future ETF (ETHA) shares.
Furthermore, the SEC has ended its investigation into Ethereum 2.0 and will not make any allegations about its security transactions. The Consensys announced on Tuesday that “The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0. This means that the SEC will not bring charges alleging that sales of ETH are securities transactions.”
2. Ripple XRP – Altcoin
XRP is another major cryptocurrency currently facing a legal lawsuit from the SEC. $XRP is currently trading at $0.4778, down by 11.78% in a month. Crypto enthusiasts are optimistic about XRP and SEC cases. They anticipate that the SEC will appeal the programmatic sales of XRP ruling at the conclusion of the Ripple case.
In recent court filings, Ripple has been required to pay penalties for violating U.S. legal security laws. The penalty could range from $10 million to $2 billion. This penalty and the end of the SEC appeal could help XRP reach $1.0 again.
3. Near Protocol – AI Coin
Near Protocol ($NEAR) is a pioneer layer-one blockchain developed to neglect the limitations of a blockchain. At the time of writing, $NEAR is trading at $5.572, down by 32.26% in June. The token is currently undergoing bearish sentiment after Bitcoin faces a massive pullback from its resistance. The trading volume of $NEAR is also down by 39.41% in 24 hours.
Near Protocol's price continues its recent rebound following the retest of the ascending trendline support, established from the swing low points between mid-October 2023 and mid-June 2024. It has soared 2.02% on Sunday morning, returning from its strongest support levels.
4. Filecoin – Altcoin
Filecoin ($FIL) is a decentralized storage platform with an open protocol developed to “store humanity’s most important information.” Its blockchain has participant's strong commitments.
At the time of writing, $FIL is trading at $4.413, down by 26.4% in a month. The Bitcoin price reversal has massively affected $FIL sentiment. Filecoin has recently collaborated with CryptoEternalAI to enhance its storage capability by providing robust solutions to the platform with its decentralized storage facilities.
Technical indicators such as RSI, moving averages, EMA, and MACD levels forecast strong sell indications for Filecoin. However, the moment can be changed at any time.
5. Dogecoin – Meme coin
Dogecoin ($DOGE) is one of the most popular meme coins in the cryptocurrency world. It is also the favorite of Elon Musk, as Tesla accepts DOGE as a payment. $DOGE has faced a significant decline after Bitcoin's bearish movement. When writing, it is trading at $0.1229 and down by 29.19% monthly. The trading volume is also down by 32.33% in 24 hours.
Despite such support from the community, $DOGE has declined below the $0.15 support level. The OG meme coin has stumbled 31.26% between June 6 and June 18. The token has found steady support of around $0.12. Recently, DOGE miners have acquired 110 million tokens valued at $0.125, worth $12.7 million. The analyst forecast that DOGE could retest the $0.15 resistance.
6. SHIBA Inu – Meme coin
SHIBA Inu ($SHIB) is a famous decentralized and Ethereum-based meme token. Due to its popularity, it is utilized as a form of payment in many retailers and countries. When writing, it trades at $0.00001718 and is down by 31.38% monthly with a market cap of $10.13 billion.
According to Shibburn team X post, the community has burned 18,617,208 tokens, which significantly helped the burn rate surge by 2,682.44%. This also caused the price of $SHIB to increase by 0.49%, maintaining a weekly decline of 12%. As analyst forecasts, SHIB could strongly experience significant gains from positive behavior from investors and their confidence.
Since reaching a low of $0.00001696 on June 18, Shiba Inu has traded within a tight range of $0.0000173 to $0.0000188.
7. Ocean Protocol – AI coin
Ocean Protocol is a leading platform founded and developed to build robust technology for the Data economy of blockchain, AI, and data. The protocol utilizes blockchain technology, cryptographic techniques, and decentralized networks. It has a native token, OCEAN.
At the time of writing, $OCEAN is trading at $0.6807, down by 29.03% in a month amid the continuing Bitcoin bearish rally. However, the token has shown bullish behaviour this week, following a 34.85% pump by weekly. If the weekly support remains intact, OCEAN's price could surge 40% to retest its June 5 high of $0.932. In addition, the whales are currently buying $OCEAN in this dip to get maximum profit in the upcoming weeks.
It is worth noting that Fetch.ai, Ocean Protocol, and SingularityNET have been merged as the Artificial Superintelligence Alliance (ASI) on June 13. Their tokens, FET, AGIX, and OCEAN, will be merged as ASI on July 15.
8. ChainLink – Altcoin
At last, we have ChainLink with a native LINK. It is a decentralized oracle network that consists of node operators. These operators provide data in exchange for LINK tokens. At the time of writing, $LINK is currently trading at $14 with a market cap of $8 billion. It is down by 19.73% in a month, greatly affected by Bitcoin's dominance.
Recently, 18.77 million LINK were transferred to cryptocurrency exchanges, which indicated a 1,453% surge in whale activity, showcasing a large trading volume. The recent surge in LINK's large transaction volume could indicate that major players are making significant moves. ChainLink and Circle also collaborated at the end of May to promote and expand the use of stablecoins in institutions and enterprises.
How to Start Trading on CoinEx?
CoinEx is one of the leading cryptocurrency exchanges and platforms that offers flexible and simple trading features. Here are the steps to start trading on CoinEx:
- Create an account on CoinEx.
- Deposit USDT in your account with P2P or transfer it from other exchanges.
- Search for any currency pair. For example, LINK/USDT.
- Enter the number of tokens. You can buy them at market price or set a limit in the spot.
- Once done, click BUY, and the tokens will be in your wallet.
Final Verdict
The U.S. CPI report in May did come in favor of Bitcoin. However, investors' interest is weak in the summer months. This affects the price of BTC and other altcoins. Major altcoins such as $OCEAN, $LINK, $XRP, $ETH, and more are influenced by this price movement of Bitcoin.
If you want to take advantage of the dip, all of the coins are available for trading on CoinEx. You can easily sign up and start trading these coins.
Disclaimer: Please note that the information provided on this website is intended for informational purposes only. CoinEx assumes no liability for any financial losses resulting from cryptocurrency trading. It is advised that you conduct your own research.
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