The seventh largest meme coin by market capitalization, Brett ($BRETT) has tumbled by 32% amidst a market-wide crypto crash as risk-off sentiment rocks the global economy.
In the last hour alone Brett has fallen 8%, a stark indicator of the rapid momentum of the crash.
Brett Price Analysis – Further Selling to Come?
At the token’s current price of $0.06168, it’s about 55% cheaper than it was last Monday.
Brett’s price chart shows a token far below its summer support threshold of $0.10, as indicated by the green line.
It’s unclear if diamond-handed Brett holders have seen the bottom yet, but the meme coin is unlikely to recapture highs of $0.17 any time soon, a threshold which the token faced some resistance at throughout mid-to-late June, after retreating from an all-time high (ATH) of $0.1933 on the 9th of that month.
The token’s relative strength index (RSI) is 27, 3 points below the “oversold” threshold, however it is not likely to rebalance today until crypto investors get a clearer picture of the economic damage caused by today’s global asset sell-off.
Crypto’s Biggest Collapse Since 2021
The underlying reasons for the market crash today appear to be various, but crypto holders are dumping because of a global stock sell-off that is broadly to do with the economic outlook and rising geopolitical tensions across Eurasia.
Crypto market leader Bitcoin ($BTC) has posted its worst losses since the FTX crisis in 2021. In the last 24 hours, the world’s largest cryptocurrency shed 16%, while posting 7-day losses of around 26%. It trades at $51,351 as of this writing.
The combined crypto market lost an eye-watering 17% overnight and is now worth about $1.87 trillion. The meme coin sector, which typically exaggerate price movements in the rest of the market, shed 24% and is now worth $32.1 billion.
While Brett Crashes, Optimistic Traders Eye The Meme Games
While every listed token crashes and burns today, one brand new Olympics-themed presale has quietly amassed a tidy $338,000 in investments.
The 2024 Paris Olympics meets Meme Coin mania in a new token called The Meme Games ($MGMES).
Those who buy $MGMES tokens now are prompted to select their favorite meme coin avatar, between Dogecoin, Pepe, DogWifHat, Brett and Turbo, and watch them race for a one-in-five chance to claim a 25% bonus on their initial purchase.
$MGMES is currently selling at a fixed presale price of $0.00915. In two days it rises incrementally to the next fixed price of $0.0092.
This means today’s investors can purchase 10,000 $MGMES at just $91.50.
This is the lowest price the token will be at for the rest of the presale season, which will run concurrently with this year’s Paris Olympics and Paralympics.
Participants can purchase $MGMES an unlimited number of times with no minimum purchase requirement to increase their chances of securing multiple 25% token bonuses.
The official project website and whitepaper encourage investors to stake tokens during the presale to take advantage of the frankly eye-watering 638% APY on offer right now.
This figure decreases with the number of stakers, so participants will want to stake early and stake big to maximize yield. Notably, staking is only available on Ethereum.
Altogether this makes for a more cautious investment than Brett, since $MGME’s value is not impacted by today’s crash.
Follow The Meme Games on Twitter and Telegram.
Join the presale via the official website.
The post Market Collapse: Brett Plummets While Olympics Meme Coin Secures $338,000 Funding appeared first on Cryptonews.
