Crypto Crash 2022 | Know Your Meme #Crypto #Crash #Meme Welcome to RKM Blog, here is the new story we have for you today:
June 2022 Ethereum Crash
Starting on June 10th and continuing into the week following, the price of the second-largest cryptocurrency, Ethereum, dipped under $1,100. According to Forbes, the June 2022 crash wiped $300 billion from the combined crypto market.
News outlets like Business Today likened the ETH crash to Staked Ether, or stETH, which is a cryptocurrency pegged to Ether. It had been de-pegged, resulting in positions that had borrowed Ether using stETH being liquidated. Forbes additionally likened the crash to the U.S.’s rising inflation which hit “worse-than-expected numbers” on June 10th, 2022.
Online discussion of the ETH crash started, most notably, on June 11th, 2022. For instance, on June 11th, Twitter user and CNBC financial advisor Douglas A. Boneparth tweeted, “If you invested $10,000 in Ethereum in November of last year, you would have about $3,100 today,” earning roughly 17,700 likes in three days (shown below, left). Also on June 11th, Twitter user NFTsAreNice posted a Drakeposting meme, joking about how the price of 1 ETH was once again 1 ETH, earning roughly 4,700 likes in three days (shown below, right).