In the past 24 hours, Bitcoin has experienced dramatic fluctuations, dropping over 5,000 points from a high of 105,909 to a low of 100,372, with a daily decline of 3.11%, nearing the critical 100,000 mark, facing the risk of falling below six figures for the first time in nearly a month.
Other mainstream coins have also dropped sharply, with the concubine once touching 2,381, Solana falling to 141.53, and altcoins generally declining between 5% to 10%. According to CoinGlass data, as of June 6, a total of 227,763 people in the global cryptocurrency perpetual and spot market were liquidated, with amounts reaching 982 million.
This market plunge is actually a pre-planned harvesting scheme!
Why do I say that?
Reason: Last night, MUSK and the unreliable suddenly tore into each other on X, one the richest, the other the most powerful, and it was indeed quite explosive. Everyone was eating melons and laughing, but the next day they woke up to a big red candle in the market — the clown turned out to be ourselves. (The melon landed on us.)
In fact, this is not the first time. This is a routine that has long existed — every major market fluctuation comes with a bunch of 'headline news', arguments, revelations, which are actually just smokescreens. The real purpose? To divert attention, make retail investors panic, and cooperate with their pre-planned rhythm.
This time is no different; Musk and Trump are throwing insults across the air, appearing to be genuinely at odds, but it looks just like a double act — they create panic, the media amplifies the sentiment, and BlackRock quietly completes the harvesting. Did you think they were arguing? As a result, ETH was secretly bought up by them.
The last bull market played out like this: first, a wave of selling to create panic; wait for the retail investors to cut losses, then sneakily buy the dip; finally, the last wave of retail investors buys at high prices.
Now the concubine is approaching historical highs, and they have long been quietly ambushed. So stop fixating on the 15-minute, 1-hour K-line; when emotions drop, trading along isn't the main force's rhythm, it's just handing over your head.
Real main forces do not rely on rhetoric or news; they rely on pre-planning and rhythm control. What we need to do is not to be led by emotions but to understand the plot, so as not to be the first 'vegetable' to be harvested.
Back to the market, with the two mouthpieces finished, CZ the big brother made his appearance. CZ quietly changed his profile picture today and directly ignited two major meme coins. Sentiment in the secondary market began to flow back, and both the MEME and #AI sectors showed signs of activity; on the primary side, influenced by CZ, the BSC chain's popularity soared, and tokens like #BC and $TT began to show a FOMO atmosphere.
Alright, let's continue to take a look at the situation of altcoins:
DOGE
Next, let's take a look at the situation of altcoins:
DOGE
Tesla directly dropped 5% due to the rhetoric of these two individuals, and market sentiment subsequently weakened. At that time, DOGE was just approaching its previous low, stepping into the technical support zone; then Musk dropped the bombshell 'Lolita Island', causing DOGE to accelerate its plunge. As a token tied to MUSK, DOGE has always been the outlet for market sentiment. This time is no exception.
In fact, DOGE has always been a coin worth repeated analysis. This round has returned to the fluctuation range of early May; if there is truly trend resonance, DOGE and SOL should have already broken through the AR pressure, rather than collapsing at the slightest touch.
The biggest misjudgment this round is underestimating BTC's siphoning ability. Apart from BTC, almost no coins can stand at the high point of early March.
However, now back near the starting point, I actually begin to feel a bit of anticipation.
PEPE, will the next wave be an explosion or a Waterloo?
Recently, PEPE's price has fluctuated greatly, dropping to as low as 0.000011, with trading volume also falling to only 360 million, and market heat has clearly cooled down. However, the bulls have not given up, and the current price has slightly rebounded to 0.0000113, up about 0.5% in 24 hours.
From a technical perspective, the RSI has dropped to 42, leaning bearish, and the SMA-14 also indicates that further fluctuations are expected. However, the bulls are desperately holding above the EMA20, and the BoP indicator shows that short-term buyers still have confidence and may attempt a rally.
However, the MACD is not very optimistic, with the red bars continuing to expand, indicating that the bears are still in control. If PEPE cannot hold the support at 0.00001029, it may drop all the way to 0.00000848; conversely, if it can break through 0.00001295, the target will be aimed at 0.00001496.
From the project's fundamentals, although PEPE lacks a clear development roadmap, its community engagement is extremely high, with over 500,000 fans on X alone. Don't forget, it surged 222% after coming on BN, hitting an all-time high.
Thus, the logic behind this typical meme coin is very clear — as long as there are sentiments, events, and communities, it could take off 'without fundamentals' at any time. This current low-volatility phase may just be the eve of the next market surge.
Is SHIB going to be a sacrificial victim?
The spot price of SHIB continues to be under pressure, mainly because the deflationary mechanism is on the decline. Data shows that the daily burning volume of SHIB has decreased by 24%, leaving only 13.85 million tokens, worth less than 180, which is almost negligible compared to its nearly $7 billion market cap.
At the same time, investors and developers are gradually withdrawing. The total locked amount of Shibarium Layer-2 has plummeted by 33% this year, leaving only $2.27 million. Whale holdings have dropped from 743.8 trillion in early February to 730 trillion now, with long-term selling undermining retail investor confidence and exacerbating the decline.
Technically, SHIB is at a critical position under the bear's lower track. Although there is a possibility of a rebound, both RSI and MACD show signs of fatigue, with clear selling pressure. MACD is even approaching a death cross, suggesting a potential long-term decline in the coming days.
If it breaks below the key support, the price could plummet by 53%, targeting around 0.0000058. However, the 0.00001 range remains an important support, and whether it can hold will determine whether the bear flag is invalidated.
For a major meme coin like SHIB, the timing of entry is crucial. Those investors who entered in mid-April may become the biggest victims once it collapses.
That's it for the article! If you're feeling lost in the crypto world, consider joining me in laying out plans and harvesting from the institutions!