Brett, the biggest meme coin in the Base Blockchain, has continued its bearish trend this week amid waning demand.
The token has dropped for four consecutive weeks, reaching a low of $0.083, its lowest point since August 8. It has retreated by over 57% from its highest point this year.
As a result, its market cap has dropped to $839 million from a record high of $1.89 billion this year, meaning that it has shed over $1 billion in value from its highest level in June.
Brett’s price action has mirrored that of other meme coins in the industry. Pepe, the popular token, has dropped by over 57% from its highest level this week. Similarly, Dogwifhat, the biggest meme coin in Solana has dropped by over 70% from its all-time high.
These declines also happened at a time when Bitcoin lost momentum and continued to underperform the stock market. While stock indices like the Dow Jones and the Nasdaq 100 index are nearing their all-time highs, Bitcoin remains below $60,000.
In most cases, meme coins like Brett and Pepe underperform the market when Bitcoin has no defined trend. Conversely, they do much better than BTC when its price is in a bullish momentum.
Volume data shows that Brett is losing traction among investors as its 24-hour volume dropped to just $24.1 million on Friday. In contrast, Pepe had over $650 million while dogwifhat, Bonk, Floki, and Popcat had $653 million, $360 million, $144 million, $141 million, and $61 million, respectively.
Brett price analysis
The daily chart shows that Brett recently dropped below the key support at $0.100. This was both an important psychological level and also its lowest swing in July this year. It then did a break and retest pattern by retesting that level.
The token has also moved below the 61.8% Fibonacci Retracement point and the 50-day moving average. Therefore, the path of the least resistance for the Brett token is downward, with the next point to watch being this month’s low of $0.060.
