Meme Coin Madness Continues, Bitcoin Price Corrects, and Much More: Bits Recap June 10
TL;DR
- Bitcoin fluctuated between $68,500 and $72,000, stabilizing at $69,500. Analysts predict a possible rise to nearly $90,000 despite current instability.
- The meme coin Brett (BRETT) hit an all-time high of $0.20 and reached a market cap of $1.7 billion before slightly retracing. It is currently the 65th-largest cryptocurrency.
- Shiba Inu (SHIB) dropped 7% weekly to $0.00002307, but analysts predict significant price increases by year-end.
BTC’s Price Swings
The primary cryptocurrency went through enhanced turbulence in the past week, with its price ranging from $68,500 to almost $72,000. It reached the upper mark on June 5 but a few days later experienced a correction that eventually positioned the valuation at the current level of $69,500 (per CoinGecko’s data).
One person who touched upon BTC’s retreat was the X user Willy Woo. The analyst, with over 1 million followers on the social media platform, argued that “bitcoin won’t get nice things until the last minute degen logs give up chasing the price,” suggesting there’s too much leverage in the system. Other X users sharing that thesis are Toby Cunningham, Jelle, and others.
Despite the shaky price performance, numerous industry participants believe a fresh uptick could be on the horizon. Ali Martinez observed certain metrics, such as accumulation phases and cumulative value-days destroyed (CVDD), to predict that the next potential local top for BTC could be at a new all-time high of almost $90,000.
CVDD is a term that identifies all sorts of unspent transaction outputs related to Bitcoin’s ecosystem. Historically, the asset’s price touching or crossing below the CVDD line has often signaled a market bottom. This shows that the selling pressure from long-term holders is exhausted, and new investors view the current value as a buying opportunity.
CVDD’s line has been trying to catch up with the price of BTC for the past few months, registering a spike at the start of June.
BRETT’s Success and the Meme Coin Madness
Despite the overall market slump witnessed in the past few days, some digital assets continue to make the headlines due to impressive price increases. One example is the frog-themed meme coin – Brett (BRETT).
It hit an ATH of almost $0.20 on June 9 before slightly retracing to its current level of approximately $0.17 (per CoinGecko’s data).
Its market capitalization briefly jumped above $1.9 billion, eventually settling at around $1.7 billion. Currently, BRETT is the 65th-biggest cryptocurrency and seventh-largest in its cohort: a serious achievement for a token that saw the light of day less than four months ago.
Beyond that, Andrew Tate – one of the internet’s most popular figures, also released his own meme coin, causing a considerable stir throughout the weekend.
How’s SHIB Doing?
Speaking of meme coins, it is worth mentioning Shiba Inu (SHIB), which is among the most popular ones. Its price is down 7% weekly and currently trades at around $0.00002307.
Despite the negative trend, multiple analysts think the token is facing better days ahead. The X user Mags forecasted an all-time high of over $0.00014 by September this year, claiming investors should join the ecosystem as soon as possible before the price starts heading “up only.”
CryptoYoddha was bullish, too, envisioning an ascent toward $0.000075 by the end of the year. In their view, Pepe (PEPE) and Dogecoin (DOGE) will also take off in the following months.
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