Meme Coins Crushed: $DOGE & $SHIB Down Double Digits
The memecoin supercycle took a direct hit as Dogecoin collapsed below $0.082 while Shiba Inu bled nearly 10% in 24 hours, dropping to $0.000004537. With $BTC dominance surging to ~56%, capital is aggressively rotating out of riskier high-beta altcoins and back into Bitcoin safety.
Major altcoins are drowning in red alongside Bitcoin. Ethereum plummeted ~9.8%, Solana crashed ~6.4% to near $64, BNB broke below $590, and Hyperliquid bled a stunning 13.6%. $BNB $HYPE BitcoinDropsBelow$60KWorstWeekSinceJuly2024#MyStocksQuestion
$ETH collapsed nearly 30% this week, shattering the critical $1,800 support level and falling toward $1,600. One whale who had been dormant for five years is now facing potential liquidation on a $78 million long ETH position, with liquidation prices at $1,555 and $1,565.
Bitcoin plunged over 18% this week in its steepest decline since the FTX collapse in 2022, briefly crashing below $60,000 on Binance before staging a slight recovery near $61,000. Over $1.2 billion in leveraged positions were liquidated across exchanges in 24 hours, wiping out 252,952 traders. Fear and Greed Index plunging to 12, deep into "extreme fear" territory. $ETH $BNB
The EU's MiCA transitional period ends July 1—non-authorized crypto service providers must halt EU activities or face penalties. France has licensed 19 CASPs, with 25 more under review; operating without a license is now a criminal offense. Austria has granted licenses to nine CASPs, with no exchanges operating without a license. $BTC $ETH
The SEC published its draft strategic plan placing crypto in the first objective of its top regulatory policy goal for 2026–2030. SEC Chair Paul Atkins wrote that "blockchain and crypto asset technologies have the potential to revolutionize America's financial infrastructure". $BTC
ME surged over 29% in 24 hours to a high of $1.06 following news of a partnership between TRUMP Meme and Magic Eden to jointly develop the TRUMP cryptocurrency wallet.
Paxos added Dogecoin support to its regulated brokerage and custody infrastructure—potentially enabling fintechs and institutional clients to integrate DOGE. Dogecoin remains the largest memecoin by market cap at approximately $15.5 billion, following Grayscale's Dogecoin Trust launch and 21Shares' ETF approval.
🚨 DeFi on the Ballot: New PAC Fights for Builders.
A new political action committee, Defend Developers PAC, launched to protect blockchain developers and DeFi builders in Washington. The PAC plans to raise and contribute six figures across key midterm congressional races. Its hybrid structure allows direct candidate contributions plus unlimited independent spending. $BTC
Vitalik Buterin published a groundbreaking proposal to restructure DeFi synthetic assets using options contracts instead of collateralized debt positions (CDPs) and liquidations. The design aims to reduce reliance on real-time price oracles and replace forced liquidations with user-managed option rollovers.
Ethereum's Pain: Below $1,800 for the First Time Since May 2025
$ETH closed at $1,740.32, down 4.01% and below the critical $1,800 psychological support level. The decline follows a 7.32% crash on June 2, with long-term holders capitulating as the "Age Consumed" metric spiked. ETF outflows added $52.94 million in net redemptions.
🌍⚔️ War Fears Intensify: Middle East Tensions Shake Risk Assets.
The Islamic Revolutionary Guard Corps reportedly struck the U.S. Fifth Fleet base in Bahrain and an air base in Kuwait with missiles and drones. The U.S. responded with airstrikes on Iran's Qeshm Island. Risk assets tumbled across the board, with the Dow dropping 620 points and the S&P 500 falling 0.74%. $BTC
U.S. spot Bitcoin ETFs recorded a net outflow of $396.6 million on June 4 alone. Cumulative outflows have now reached $4.37 billion over just 13 trading days—the longest streak of net redemptions in history. BlackRock's IBIT saw its largest single-day net outflow since listing at $528 million. $BTC