Brett Holders Flee After 11% Drop, Turning to a New Meme Coin
Brett (BRETT) holders are in panic mode and fleeing the meme coin in wake of another big price collapse on Friday, with some turning to a new meme coin in the play-to-earn niche Shiba Shootout (SHIBASHOOT).
Brett slumped another 11% on Friday, taking its weekly losses to more than 25% as the broader market dumped.
The Base meme coin was last changing hands around $0.1160, at new one month lows.
For now, Brett’s market cap remains above $1 billion.
But since losing its grip on $0.12 support, more losses could be in store. Bears will be targeting a retest of April/May highs in the $0.85 area.
The prospect of further downside has Brett holders fleeing the token.
Sure, crypto markets could pick up later this year as Fed rate cuts arrive and the US election nears.
But until then, sentiment is likely to be dampened by elevated spot sell pressures in Bitcoin. That’s thanks to continued miner/German government selling.
Mt Gox creditors are also getting repaid this month, and might add to the sell pressure.
German government: Let’s dump our #Bitcoin at the same time as Mt. Gox and tank the price.
Hodlers: pic.twitter.com/tUhi64bQkX
— The ₿itcoin Therapist (@TheBTCTherapist) July 5, 2024
In such an environment, traders often turn to alternatives that might be able to produce quicker returns.
New meme coins, while very risky, have a proven track record of delivering quick upside.
And one new meme coin that analysts at Cryptonews.com are big fans of is Shiba Shootout.
Indeed, they rank it as one of their top meme coins and top crypto presales. Here’s what you need to know.
Shiba Shootout is a Wild West-themed play-to-earn (P2E) game.
Saddle up! #ShibaShootout is more than a #memecoin it's a Wild West crypto adventure!
Read more on cryptonews.com
