In an intriguing turn of events, following a significant price rally witnessed by nearly all of the meme coins trading within the cryptocurrency realm, a substantial slump pulling the prices down has piqued the interest of crypto market traders and investors globally. Amid this slump witnessed, insights unveiled by the tracker Spotonchain, showcasing massive SHIB & PEPE dumps to CEXs, gained notable traction as it potentially hinted at a meme coin season end.
With SHIB and PEPE prices down 4-10% today, these selloffs birthed a pool of bearishness, as derivatives data for these tokens hinted at a downtrend in the broader crypto market. Meanwhile, other meme coins, such as FLOKI and DOGE also traded in the red today, aligning with the market sentiments of a potential meme coin season end.
SHIB & PEPE Prices Dip, Other Meme Coins Follow
As of writing, Shiba Inu’s price showcased a plunge of 4.52% over the past 24 hours and is currently trading at $0.00003265. PEPE coin’s price, on the other hand, was noted to fall by 9.84%, reaching $0.000008287.
Notably, the derivatives data for these tokens signaled a downtrend in the market, aligning with the slump as data showcased investors exiting or closing positions with a considerable plunge in market activity. Coinglass‘ data revealed a 5.87% dip in SHIB’s open interest and a 26.86% drop in volume, whereas the OI-weighted funding rate also slipped, reaching 0.0965%. Simultaneously, PEPE’s open interest plunged 8.06%, and volume plummeted 27.64%, whereas the OI-weighted funding rate fell to 0.1045%.
This collectively birthed a tidal wave of bearishness on SHIB & PEPE, while other meme coins like DOGE and FLOKI mirrored this bearishness.
As seen by investors across the global crypto realm, a substantial price slump witnessed by meme coins collectively appears to be birthing market sentiments of a meme coin boom coming to an end. This, in turn, triggers speculations over future colossal selloffs, pushing the prices down further.
Top comments (0)