Market Collapse: Brett Plummets While Olympics Meme Coin Secures $338,000 Funding
The seventh largest meme coin by market capitalization, Brett ($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.
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 $0.1933 on the 9th of that month.
The token’s relative strength index (RSI) is 27, 3 points below the “oversold” threshold, however it is not likely to rebalance today until crypto investors get a clearer picture of the economic damage caused by today’s global asset sell-off.
The underlying reasons for the market crash today appear to be various, but crypto holders are dumping because of a global stock sell-off that is broadly to do with the economic outlook and rising geopolitical tensions across Eurasia.
Crypto market leader Bitcoin ($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 every
