Analyst: Since Bitcoin's peak, Binance Meme coin cumulative sell pressure has exceeded $1.4 billion

Odaily reports: Analyst Darkfost posted that since Bitcoin hit its peak last October, its maximum drawdown has reached 54%, and the current price is about 35% below the high. Over the same period, cumulative sell pressure in Binance's Meme coin sector has exceeded $1.4 billion, making it one of the sectors hardest hit in this bear market.

Darkfost noted that Meme coins lack fundamental support, with prices driven mainly by market sentiment and cultural trends. Currently, Meme coins' share of the total altcoin market cap has fallen to a historic low of less than 3%, reflecting continued liquidity outflow from the sector. He believes that Meme coins tend to face greater downside pressure during market corrections, and investors should be alert to related risks.