# Memecoins Get Hit

*Author: David Christopher*
*Published: Jun 11, 2024*
*Source: https://www.bankless.com/memecoins-hit*

---

Crypto took a hit today as it braced for tomorrow’s key U.S. inflation report and Federal Reserve meeting. Memecoins were hit particularly hard.

### What's the scoop?
- **Majors:** Bitcoin began the day near $70K but dipped to a [three-week low of $66,170](https://www.coindesk.com/markets/2024/06/11/bitcoin-pullback-to-66k-triggers-250m-in-crypto-liquidations-as-traders-brace-for-wild-wednesday-of-fomc-cpi-report/) before recovering to mid-67K, while ETH dropped below $3.5K.
- **Alts Take Largest Hits**: As always, altcoins experienced even deeper pullbacks, with dog coins like WIF and FLOKI dropping around 10% and large-cap AI coins like RNDR and TAO slipping 5-7%.
- **Liquidations:** The sudden pullback led to over $250M in liquidations of leveraged positions following Friday's $400M liquidations.
- **Investor De-Risking:** Investors look to be de-risking ahead of tomorrow's May Consumer Price Index (CPI) report and the Federal Reserve meeting.

### Bankless Take:
While dips ahead of FOMC meetings look to have become a normal market event this year, so have rebounds after the meetings. With interest rates expected to be kept the same, a decision in line with this could make traders exhale. That being said, if key inflation rate numbers paint a more dire picture, the Fed could push out its timelines for rate cuts, even with global central banks taking the opposite approach.

> this is a scam dump.there have been 4 FOMC's in 2024every single one of them had the same scam dumpBTC dumped 10% in the 48 hours before all of them on FOMC day it recovered the entire movethe market always prices in overly bearish statements, then reverses [pic.twitter.com/oFa801csND](https://t.co/oFa801csND)— gumshoe (@0xGumshoe) [June 11, 2024](https://twitter.com/0xGumshoe/status/1800460029851746326?ref_src=twsrc%5Etfw)
---

*This article is brought to you by [MetaMask](https://www.bankless.com/sponsor/metamask-1776260643?ref=memecoins-hit)*