The post "Memecoin Market Overview: Brett and Gamestop in the Spotlight; Leading Memes Fading Behind" first appeared on 36crypto.com News.
Moving against the market sentiment, #Brett (BRETT) and #GameStop (GME) marked record performance amidst top memes’ stagnation. But are we seeing a positive retest?
As the market has been sluggish in anticipation of FOMC updates, memecoins caught up with the tendency and have been showing sharp downticks. However, not all ‘memes’ followed the tough tendency. Can Brett’s and GameStop’s upturns serve as a silver lining for the meme-inspired assets? Figuring out below. 
PEPE, DOGE, and SHIB Going South
(PEPE) – one of the leading ‘memes’ in the crypto market – switched the trend since updating its all-time high of $0.000017. For over two weeks, the coin had been trapped in a falling wedge between 0.618 and 0.386 Fibonacci levels, recorded at the prices of $0.000014 and $0.0001215 respectively.

PEPE/USDT 4h chart. Source: WhiteBIT TradingView
This dynamic marked a 16% weekly regression, with moving average convergence divergence (MACD) indicating a downturn at most, and moving averages staying below 0. Following the 0.386 Fib breakout, Pepe eventually pinned $0.000011 resistance and bounced back, paving its way to $0.000014. The recovery spurs optimism in the asset, yet not all memes managed to break out of the bearish sentiment. 
#ShibaInu (SHIB) has been keeping up its sideways outlook, registering a prevailing selling activity. Trading between $0.000020 and $0.000029 marks, the coin's relative strength index (RSI) reveals the ongoing downward sentiment for the asset.

The same outlook is pictured by the exponential moving averages, with a 20-day EMA hinting at the continuation of a local correction. Dogecoin (DOGE), the largest memecoin in the market, was not spared from the recent decline as well. While DOGE’s volume slightly increased, analysis indicates that sellers dominated it. 
According to the daily chart, Dogecoin’s decline kicked in around June 7, dropping over 7% from $0.16 to $0.148. Within the downturn, the price fell below its 50-day moving average (orange line) and took it below the neutral line on its RSI, indicating a bear trend.

DOGE/USDT 1D chart. Source: WhiteBIT TradingView
The regressive trend is going on, as #DOGE remains stuck at the $0.1477 range at the writing time. Dogecoin’s market capitalization also showed a significant decline. Data from Coinglass indicated that after the coin’s 7% downturn, its market cap fell below $21 billion.

Dogecoin (DOGE) market capitalization. Source: Coinglass
Seeing that DOGE’s volume has significantly increased in the last 24 hours, it remains the largest memecoins in the market. Meanwhile, it turned out to be outperformed by newly popular assets – just like the other leading memecoins. 
BRETT and GME Stealing the Show
On June 9, Brett (BRETT), a Base-developed memecoin, managed to achieve its all-time high of $0.1955. A week before reaching the milestone, Brett secured a $1 billion market capitalization, which elevated it to over $2 billion with ATH. 
Being a response to the dominating Solana-based memecoins, Brett remains the most valuable cryptocurrency on Base, while its market cap slightly diminished to $1.61 billion at the writing time. Despite a slight correction, Brett managed to produce a dramatic 375% upswing in the last 30 days. What is more, the coin’s social dominance keeps spiking, despite a slightly bullish indication in recent days. Weighted Sentiment also reveals a broader bullish perspective on the asset.

The correction seems to be perceived as a buying opportunity, seeing strong buzz around Brett. This is also proved by the 4-hour chart. According to it, the 0.382 Fibonacci level recorded the $0.12 price, indicating that the one was a nominal pullback. If selling pressure increases, Brett could find support at this specific point.

BRETT/USDT 4h chart. Source: TradingView
The Awesome Oscillator (AO) demonstrates a bearish reading. The red histogram bars indicated that the momentum was heading downwards. AO’s reading correlated with moving average convergence divergence (MACD), which stood below zero at the writing time. What is more, the 12 EMA had crossed below the 26 EMA, supporting a decline. Ultimately, BRETT’s price might drop to $0.14 or $0.12, given the Fib levels.
As BRETT’s sellers outpaced its buyers, the identical dynamics are demonstrated by GameStop (GME). The memecoin has increased by over 50% in the last 7 days and noted a staggering 7,962.12% pump in the recent month. What is more, the Santiment data reveals that Social Dominance is still at a high level, significantly overtaking top memecoin Doge’s Weighted Sentiment.

As per the 4-hour chart, RSI proves that GME is experiencing sellers’ domination. While it hit a local top, the decline could be a sign that, despite the memecoin dominance, the token is at a discount.

GME/USDT 4h chart. Source: TradingView
The leading memecoins price dips are nothing else than an indicator of the selling dominance, which is a logical outcome for the assets that reached their local highs in momentum.

GameStop reached $0.01976700, marking its highest level since February 6th, with a remarkable surge of over 4,000% from this year's low.
Despite the Bulls failing to maintain the gains, the price undergoes an 82% drop from its peak, reaching a low near $0.00353539.Short covering activity is observed at lower levels and from the 100 EMA (4-hour), leading to a 120% price increase from the lows, as well as a rebound from the 50 EMA (4-hour).The GME coin demonstrates robust bullish price action in the crypto market, rewarding investors with a 50% return.If the hype surrounding memecoins intensifies, market bulls will likely aim to propel the GME price towards its upper resistance level of $0.02000000 by month-end.According to Coin Gabbar analysis, Conversely, if selling pressure on memecoins rises, the GameStop price may retreat towards its critical support level of $0.00250000 in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $0.01050000-$0.01500000
SUPPORT LEVEL : $0.00550000-$0.00250000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
#altcoins #BinanceLaunchpool #buythedip #GameStop #GME @Binance Research @CZ @Binance Square Official $GME

The idea of paying pennies and becoming a millionaire is the main reason for the popularity of meme stocks in the stock and #cryptocurrency markets. How does it work?

Meme stocks are stocks of companies that have lost significantly in value due to their woeful condition, but then rose sharply due to their popularity on social media. That is, they are bought because it's stylish, trendy, and youthful, and no one pays attention to the fact that the value of a company's stock has nothing to do with its fundamental valuation.

The first meme stock was #GameStop , which was stuck in the past with its model of selling video games on discs and its stock was hammered to the bottom by hedge funds. But in late 2020, the Reddit forum WallStreetBets suggested buying up GameStop stock, explaining that it was fighting the unfairness of hedge funds that were holding shorts on it. This movement gained so much traction that GameStop stock skyrocketed in price as a result of the short-squeeze.

The founders of #WallStreetBets made good money on this story, but people liked the idea of speculating on cheap stocks and trading together against hedge funds. So other memes and communities quickly emerged in which the idea proved popular.

Interestingly, GameStop took advantage of the situation and sold their own shares after their price rose, which allowed them to refocus their business and they still exist (for now).

Meme-tokens do not have a happy ending like GameStop, in their current state they are more like a pyramid 😡

The first meme-cryptocurrency was Dogecoin, which was launched as a joke, and the logo of that joke was a meme with a Shiba Inu dog (everybody used to say Shiba Inu).

In the beginning of 2021, the DOGE went up in price more than 20 000%, because the coin was actively accelerated personally by Elon Musk promising the rate of $1. The history doesn't say how much money Musk personally earned from that. And Dogecoin is still in top 10 cryptocurrencies by capitalization, because many people believe that Elon Musk will finish the job and DOGE will be worth $1 or even more.

The rise of #Dogecoin launched a haip on meme tokens, the most famous of which are Shiba Inu, FLOKI and now everyone is discussing PEPE.

It is correct to call them exactly meme-tokens, not meme-cryptocurrencies like DOGE, because the original dogecoin has its own blockchain, and modern meme-monies are issued on Ethereum and on other blockchains as tokens.

Meme token features:

▪️ The logo and the entire project is based on a popular meme or high-profile event.

▪️ Trillionth issue (a number with 12 zeros) so that the price of the token is always extremely low and millions of coins can be bought with a notional $10.

▪️ Under various pretexts, the community promotes the idea of buying this meme token and waiting for your $10 to make you a millionaire. It is always advised to buy more and never sell, at least until the $1 million goal is closed.

Why are meme-tokens a pyramid scheme?

Token creators lavish them to themselves at the time of release or are the first purchasers at the lowest price. Next, their job is to create a haip and make money on sales during the pumpe, which of course they will never admit to you.

An aggressive community is always created around such a coin, which encourages to keep buying and not to pay attention to the collapse of the price. It's actually for

For this reason thousands of #meme-tokens are already issued, but only few people became millionaires on them and nobody knows them.

Often there are just fraudulent meme-tokens that cannot be sold and they fall off until the fact of fraud is established, but the creator of the token has already earned his money.

Save it so you don't forget it 😉

In a thrilling resurgence, GameStop’s nonfungible tokens (NFTs) have once again captured the spotlight with a new partnership alongside #Illuvium . After making headlines earlier this year with the “meme stock” frenzy, GameStop is venturing into the world of #NFTs , revitalizing its presence in the digital collectibles market.

The recent collaboration between #GameStop and Illuvium, an Ethereum-based decentralized gaming platform, has breathed new life into GameStop’s NFT offerings. This partnership aims to explore the potential of NFTs in gaming and digital assets, leveraging Illuvium’s expertise and technology to create captivating and interactive experiences for #gamers and collectors alike.

GameStop Takes a Strategic Leap into the World of NFTs with Illuvium Partnership

With the meteoric rise of NFTs in the past year, GameStop’s foray into this space is a strategic move to capitalize on the growing interest and potential of digital collectibles. The Illuvium partnership adds credibility and innovation to GameStop’s NFT ecosystem, opening up exciting possibilities for both the company and its community of enthusiasts.

GameStop’s NFTs, powered by blockchain technology, offer unique digital assets and collectibles tied to popular gaming franchises. This collaboration with Illuvium signifies GameStop’s commitment to providing engaging and immersive experiences for its customers, combining the worlds of gaming and NFTs in unprecedented ways.

As the NFT market continues to evolve and expand, GameStop’s revitalized focus on digital collectibles through this partnership demonstrates its determination to remain at the forefront of emerging trends. By tapping into the expertise of Illuvium and leveraging their cutting-edge technology, GameStop aims to capture the imagination of gamers and collectors while establishing a prominent position within the NFT landscape.

The #GameStop-Illuvium collaboration has reignited interest and enthusiasm among NFT enthusiasts, signaling a new chapter in GameStop’s digital journey. As NFTs and blockchain technology reshape the gaming and collectibles industries, all eyes are on GameStop to see how it leverages this collaboration to carve out its niche in the evolving landscape of digital assets.

nftstudio24.com