Analyst: Since Bitcoin's Peak, Binance Meme Coin Cumulative Sell Pressure Exceeds $1.4 Billion

Odaily Sealed News - Analyst Darkfost posted that since Bitcoin hit its peak last October, its maximum drawdown has reached 54%, with the current price approximately 35% below the high. During the same period, the cumulative sell pressure in Binance's Meme coin sector has exceeded $1.4 billion, making it one of the most severely impacted sectors in this bear market.

Darkfost pointed out that Meme coins lack fundamental support, with prices primarily driven by market sentiment and cultural trends. Currently, Meme coins' market capitalization as a proportion 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 downward pressure during market corrections, and investors should be alert to related risks.