Against the backdrop of market corrections and consolidations witnessed recently, meme coins once again nabbed significant investor attention today, Aril 5, jotting down remarkable downturns in the past 24 hours. Some of the top meme coins, encompassing Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe (PEPE), and Book of Memes (BOME), noted a remarkable plunge in prices, primarily attributed to a plethora of on-chain dynamics hovering over the crypto horizon. Here’s a closer look into the top 5 meme coins, mentioned above, and potential reasons why they witnessed a bearish trend in the market today:

Dogecoin (DOGE)

The largest meme cryptocurrency by global market cap, Dogecoin, has experienced a notable 6.91% drop in price in the past 24 hours and is currently trading at $0.171. This drop by the dog-based meme token reflects a strong downtrend in the market, with on-chain data further validating DOGE’s dip.

Coinglass revealed an 11.08% dip in DOGE’s open interest, accompanied by a 4.49% slip in derivatives volume. This signaled a significant reduction in market activity and investor interest in the asset. Coupled with a tumbled OI-weighted funding rate of 0.0234%, the derivatives data analysis mirrored DOGE’s bearish turn today.

Meanwhile, DOGE liquidations burgeoned in the past 24 hours, reaching $9.50 million, with long positions at $7.33 million and short positions at $2.17 million. This further aligned with DOGE’s dip, as substantial selling pressure pushes supply for the asset in the market.

Shiba Inu (SHIB)

Another meme coin, Shiba Inu, a.k.a. the self-proclaimed Dogecoin killer, noted a 2.86% fall in its price in the past 24 hours and is currently resting at $0.00002672. Positioned as Dogecoin’s rival, even SHIB’s bearish turn surfed along bearish on-chain metrics spotlighted by Coinglass.

Intriguingly, SHIB’s open interest plunged 1.91%, whereas the OI-weighed funding rate continued its bearish movement at 0.0387%, affirming Shiba Inu’s fall. Additionally, SHIB’s liquidations totaled $627.56K, with long positions at $296.84K and short positions at $330.72K, further mirroring the token’s bearish turn today.

Dogwifhat (WIF)

Another dog-based meme currency that runs on the Solana blockchain, Dogwifhat, jotted an attention-nabbing 13.05% dip in its price in the past 24 hours, reaching $3.42. This dip in WIF’s price follows the broader downtrend in the meme coin genre, with on-chain data further certifying the meme coin’s price downturn.

Coinglass revealed an 11.09% decrease in WIF’s open interest, whereas its OI-weighted funding rate plunged to 0.0226%, flagging out a bearish market trend for the asset. Further escorted by liquidations worth $1.89 million, with $1.61 million in long and $272.96K in short positions, WIF’s on-chain metrics accredit its fall.

Pepe Coin (PEPE)

A frog-based meme token, coming as a first in a list dominated by dog-based meme coins, PEPE recorded a drop of 6.71% in the past 24 hours and is currently trading at $0.0000066. Functioning atop the Ethereum blockchain, even PEPE took a bearish stage today, falling in line with the token’s on-chain data.

PEPE’s open interest slipped 5.66%, and its derivatives volume decreased 5.88%, indicating a strong downtrend for the token in the market. In sync with a fallen OI-weighted funding rate at 0.0215% and liquidations worth $2.12 million, PEPE further anchored its bearish turn in the broader crypto market. Concerning this, long positions liquidated were $1.69 million, whereas short positions liquidated totaled $435.97K.

Also Read: Spot Bitcoin ETF: BlackRock Adds Goldman Sachs, Others As APs

Book of Meme (BOME)

Another Solana meme coin on the list, Book of Meme (BOME), rode a wave of bearish sentiments in the market today. The BOME price plummeted 13.50% in the past 24 hours and is currently at $0.01374. Mirroring a bearish trend with its on-chain data weighing in, BOME’s price fall is quite similar to the meme coins mentioned above.

BOME’s open interest tumbled 13.64%, followed by a volume plunge of 2.15%, showcasing a significant reduction in investor interest, followed by decreased trading activity for the Solana-based meme token. This adds up to BOME’s massive fall, which was further accompanied by $2.13 million worth of liquidations. Notably, long positions liquidated $1.83 million, whereas short positions liquidated $292.17K.

In the interim, it is worth noting that 89,908 traders were liquidated in the past 24 hours, with total liquidations totaling $268.78 million. The most significant single liquidation order occurred on OKX, with ETH-USD-SWAP worth $6.00M.

Moreover, the slump in the prices of these meme coins also rides the wave of a broader correction in the crypto market, birthing sentiments of cushioned prices ahead.

Also Read: Galaxy, Pantera Capital Snap Up FTX Discounted Solana (SOL)

The post Top 5 Meme Coins Are Falling Today, Here’s Why appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am