Meme Coins Crash In Sync With Crypto Market: Here’s Why
Release: 2024/05/01 20:54 Reading: 896
Meme Coins Crash in Sync with Crypto Market: Analysis
Amidst the ongoing bearish sentiment in the crypto market, the meme coin sector has witnessed a significant decline in prices today, May 1. Prominent meme-based cryptocurrencies, such as DOGE, SHIB, and PEPE, among others, have experienced a notable crash in the past 24 hours.
This slump coincides with the broader market's substantial dip during the ongoing FOMC meeting, sparking speculation about the future price action of these coins. On-chain metrics play a crucial role in influencing their prices, driving them towards a bearish trend.
Shiba Inu (SHIB) Price Slips 8%
Shiba Inu (SHIB), the self-proclaimed "Dogecoin killer," has witnessed a significant 8.85% drop in its price over the past 24 hours, currently trading at $0.00002105. This decline aligns with the bearish sentiment reflected in its derivatives data.
Coinglass indicates a substantial decrease in investor interest, with SHIB's open interest falling by 11.85% to $52.91 million. Additionally, liquidations for Shiba Inu totaled $738.93K, highlighting the surge in traders forced to close positions.
Dogecoin (DOGE) Price Tumbles 8%
Dogecoin, Shiba Inu's primary rival, has also experienced a 7.87% decline in the past 24 hours, currently trading at $0.125. Similar to SHIB, DOGE's derivatives data also suggests bearish sentiment among investors.
DOGE's open interest dropped by 12.80% to $693.39 million, while liquidations reached $6.09 million, indicating a significant increase in selling pressure. This aligns with Dogecoin's bearish movement, mirroring the factors driving the decline in SHIB's price.
Pepe Coin (PEPE) Price Slips 10%
Pepe Coin (PEPE), a frog-themed meme token, has seen a 9.18% dip in its price over the past 24 hours, reaching $0.000006247. Like DOGE and SHIB, Pepe Coin's on-chain data also points towards a bearish trend.
PEPE's open interest declined by 5.49% to $64.88 million, while liquidations amounted to $2.66 million, underscoring the bearish trend that aligns with PEPE's price drop.
Other notable meme cryptos, such as FLOKI, WIF, and BONK, have also witnessed a 2-5% dip in prices over the past day. The combination of the FOMC meeting's bearish impact and the negative on-chain data has raised concerns among investors regarding the future price action of meme coins.
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