A graphical error on TradingView caused Bitcoin to temporarily wick to zero on MEXC. This caused a social media uproar, but the glitch was not visible on MEXC’s own platform.
Nonetheless, MEXC’s trading volume spiked over 51% in the last 24 hours. Unverified rumors can take off like wildfire if not addressed, potentially leading to token dumps and market chaos.
This immediately caused a social media uproar, as such an error in Bitcoin’s price would severely impact MEXC users. If BTC went from over $100,000 to $0, this would immediately liquidate all users’ long positions. Such a scandal might be worse than Hyperliquid’s JELLYJELLY incident, as this would be caused by a site error instead of trader activity.
However, MEXC’s team went on social media to address the alleged Bitcoin wick, claiming that it only happened on TradingView’s own site:
“We have recently become aware of some posts circulating on certain accounts claiming that MEXC’s BTC candle wick dropped to 0. We would like to clarify that this was simply a display error on the TradingView platform on June 5, and there was no such issue on MEXC’s official website, where everything has been functioning normally,” developers stated.
The MEXC team went on to claim that it was collaborating with TradingView to diagnose the Bitcoin display error and prevent it from happening again. It also urged the community to independently verify social media rumors and contact customer support in the event of a problem. Still, this announcement happened hours after the glitch.
MEXC’s trading volume spiked over 51% in the last 24 hours, mostly occurring after the Bitcoin display error. However, at the moment, it’s unclear if this heightened volume was due to users dumping assets, but such a thing is possible.
All that is to say, this demonstrates the importance of verifying information and fighting false rumors. MEXC didn’t have anything to do with the Bitcoin display error, but it still faced accusations of being a fraudulent business. The crypto sector is fast-paced and trades on community sentiment, after all. It needs strong guardrails to prevent accidents from blowing up.
BeInCrypto has reached out to MEXC, but we are yet to hear back.
BeInCrypto sat down with members of the LBank team to analyze the possible resurgence of the meme coin market as a leading crypto narrative and what their fusion with artificial intelligence (AI) can have on their reach.
LBank also discussed the impact of the four-month-old Markets in Crypto-Assets (MiCA) regulation on its operations across Europe. They described a fundamental change in investor confidence in light of greater regulatory clarity and simplified accessibility.
Have Meme Coin Highs Given Way to Devastating Lows?
In recent years, the meme coin market has largely been characterized by overwhelming highs and devastating lows. The first few months of 2025 have further confirmed the volatile nature of these tokens, to the point that a vocal part of the crypto community believes that their recent lows have marked the end of the meme coin lifecycle.
These claims are not unfounded, especially now that the US President has become a meme coin player. When Trump launched his meme coin in mid-January, TRUMP reached a market capitalization of nearly $8.8 billion, a number never before seen by a meme coin launch.
When insider traders capitalized on the surge to sell off their holdings and retain millions of dollars in gains, retail investors bore the brunt of the massive sell-off, suffering hundreds of thousands of dollars in losses.
“The decline in meme coin market cap since January can be attributed to a combination of market dynamics and sentiment shifts. A key driver was the rapid rise and subsequent crash of the TRUMP token, which drew significant market capital due to its viral appeal but collapsed sharply, eroding investor confidence and triggering a broader risk-off sentiment,” Eric He, Community Angel Officer and Risk Control Adviser at LBank told BeInCrypto.
After similar experiences with the MELANIA token and the LIBRA launch, some of these retail investors realized that meme coins —as unregulated and unpredictable as they are— may not be the best investments.
Is the Meme Coin Frenzy Coming to a Halt?
Given the devastating effects that these episodes have had on the meme coin market, trading has reduced significantly. The crypto community seems to have become saturated with news of pump-and-dump schemes and rug pulls, likely contributing to a halt in the meme coin frenzy.
The total meme coin market capitalization has been free-falling since January’s peak following the presidential token launches. Now, its levels resemble those of September 2024. The greater economic downturn that traditional and crypto markets experienced over the past several weeks has only worsened prospects.
Yet, despite this downward pressure, the market still experiences a high level of activity. It has a $14.5 billion trading volume and a $57 billion market capitalization.
Total meme coin market capitalization. Source: CoinGecko.
According to the LBank team, the meme coin industry is due for a revival.
LBank’s Belief in the Revival of the Meme Coin Market
Though the decline in meme coin performance has been significant, the LBank team expressed that these circumstances are far from unexpected. Meme coins are inherently tied to community support and social momentum.
The sustained trading volumes and large market capitalization serve as tangible indicators that, even in a downturn, the market is seeing active community engagement and liquidity. Investors still see value in the tokens’ cultural and speculative appeal.
“We see it as a healthy market correction rather than a fundamental shift. Meme coins have always been volatile, but the fact that trading volumes remain high shows continued interest. What’s happening now is not the end of the trend—it’s just a recalibration before the next wave,” Mario Iemma, Head of Spanish Markets at LBank, told BeInCrypto.
In fact, Iemma believes that meme coins will not be dying out anytime soon.
AI agents represented the first significant shift in the evolution of the cryptocurrency industry. These autonomous systems proved that they could make decisions and perform tasks independently. This technology enhances intelligence, adaptability, and fairness in financial mechanisms.
Now, developers have unlocked artificial intelligence’s potential on tokens. Systems like Grok have already made news by using AI to automatically and independently design and launch tokens.
However, with a nascent technology like AI, the LBank team emphasized the need for responsible and thorough deployment for the long-lasting success of AI-generated tokens. This success hinges on two particular factors: accessibility and security.
Security and Accessibility Challenges for AI-Generated Tokens
The concept of security is frequently associated with any emerging technology. Artificial intelligence is no exception, especially in a particularly unregulated industry like crypto.
According to He, AI-generated token projects’ degree of security and transparency will determine their success.
Iemma agreed, adding that if AI-generative tokens become widely accessible, this development will also require additional layers of oversight.
“That same accessibility demands better filters, vetting, and AI-based security audits—areas where exchanges like LBank are already investing resources,” he said.
While reflecting on the security risks associated with artificial intelligence and the breaches in consumer trust that meme coins have had on the crypto community, the LBank team also emphasized the need for greater regulation in the industry.
The development of cryptocurrency regulations varies significantly across the globe. Notably, the European Union implemented comprehensive rules almost five months ago, while key markets such as the United States are still establishing adequate frameworks.
MiCA’s Effect on the European Crypto Market
Last December, with the implementation of the Markets in Crypto-Assets (MiCA) regulation, the European Union became the first jurisdiction to establish a comprehensive and unified regulatory framework for crypto-assets across all its member states, marking a significant milestone.
According to the LBank team, MiCA gives users and institutions a trustworthy framework. This development has proven critical for industry growth across the region.
“MiCA has forced firms to become more transparent and compliant, which is a good thing for long-term trust. We’ve seen exchanges accelerate their legal and operational upgrades. For users, it creates a safer, more predictable environment,” Iemma said, adding, “With clearer rules, banks and investment firms are more willing to explore crypto partnerships, custody solutions, and even tokenized assets. Regulation reduces reputational risk, and MiCA is helping bridge that gap.”
However, this experience can be largely attributed to established firms in the industry and investors with access to substantial resources. Other players, however, have struggled to gather the requirements to apply for a MiCA license.
Future Accommodation for Smaller Crypto Businesses
In discussing the impact of MiCA since its enactment last December, He highlighted how different industry players have responded to the landmark regulation. He noted that startups struggle the most to obtain an operational license.
When evaluating the cost-effectiveness of an operational license, He’s conclusions make sense.
MiCA is an expensive regulation. It mandates minimum capital requirements based on the crypto services offered. These requirements range from €50,000 for advisory and order-related services to €125,000 for exchange and trading platforms and up to €150,000 for custody services. Businesses must maintain this capital as a financial safeguard.
Beyond minimum capital requirements, companies must factor in government and legal fees, local presence costs, bank setups, and ongoing operational costs. But for prominent exchanges like LBank, the benefits outweigh the costs.
Future MiCA updates could address the high compliance costs for smaller businesses. Meanwhile, other regions developing their crypto regulations should consider this aspect to avoid creating similar barriers.
Ethereum (ETH) is facing a sharp correction, dropping 11% over the past week as bearish momentum continues to dominate. The Relative Strength Index (RSI) remains weak, showing a lack of strong buying pressure, while the Directional Movement Index (DMI) confirms that sellers are still in control.
Additionally, the Exponential Moving Averages (EMA) are in a firmly bearish structure, suggesting that ETH could soon test critical support levels at $1,756 and potentially fall below $1,700 for the first time since October 2023.
ETH RSI Shows the Lack Of Buying Pressure
Ethereum Relative Strength Index (RSI) is currently at 34.4, recovering slightly after briefly dipping to 27.4 yesterday. The RSI has remained below the 50 mark for three consecutive days, signaling that bearish momentum is still dominant.
The RSI measures the speed and magnitude of recent price changes to assess whether an asset is overbought or oversold.
Typically, an RSI above 70 indicates overbought conditions, suggesting potential for a pullback, while an RSI below 30 signals oversold conditions, implying that selling pressure may be overextended and a bounce could be imminent.
With ETH’s RSI now at 34.4, it suggests that while the asset is still in bearish territory, the extreme selling pressure seen yesterday has eased slightly.
The brief dip below 30 signaled an oversold condition, which often leads to short-term relief rallies. However, for ETH to regain bullish momentum, the RSI would need to climb back above 50, indicating a shift in market sentiment.
Until then, any upward movement could face resistance, and the broader trend remains weak unless sustained buying pressure pushes ETH out of this bearish zone.
Ethereum DMI Shows The Current Downtrend Is Strong
Ethereum Directional Movement Index (DMI) chart shows that its Average Directional Index (ADX) is currently at 29.82, rising from 21.9 yesterday.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and readings below 20 suggesting a weak or nonexistent trend. Given the ADX’s sharp increase, it confirms that ETH’s ongoing downtrend is strengthening.
The +DI (positive directional index) has dropped to 15.4 from 23.1 in the past day, while the -DI (negative directional index) has surged to 37.8 from 27.3, reinforcing the dominance of sellers in the market.
With the -DI significantly above the +DI, it signals that bearish momentum is intensifying, and sellers continue to control ETH’s price action.
The decline in +DI suggests that buying pressure is weakening, making it more difficult for ETH to stage a recovery. Unless the +DI begins to rise and crosses above the -DI, ETH’s price is likely to remain under pressure.
Given that the ADX is nearing 30 and still climbing, the downtrend appears well-established, and any short-term relief rallies may face strong resistance before a meaningful trend reversal can occur.
Ethereum Is Still Struggling Below $2,000
Ethereum Exponential Moving Average (EMA) lines are displaying a strongly bearish setup, with short-term EMAs positioned below long-term ones.
This alignment confirms the continuation of downward momentum, with ETH having dropped over 11% in the last 24 hours. If the current trend persists, ETH could test the critical support at $1,756, a level that could determine whether further declines are imminent.
A breakdown below this support would expose Ethereum’s price to a potential drop below $1,700, a level not seen since October 2023, further reinforcing bearish sentiment in the market.
However, if ETH manages to reverse its downtrend, the first key resistance to reclaim would be at $1,996. A successful breakout above this level could trigger a stronger recovery, pushing ETH toward the next resistance at $2,320.
If bullish momentum accelerates, Ethereum could extend gains toward $2,546, a level that would mark a complete shift in trend structure.
For this to happen, ETH would need sustained buying pressure and a bullish EMA crossover, signaling a transition out of its current bearish phase.
