As a researcher with extensive experience in the crypto market, I believe that today’s considerable slump in prices across prominent meme coins such as DOGE, SHIB, and PEPE is a bearish event for traders and investors globally. The ongoing FOMC meeting seems to have added fuel to this bearish trend, causing a wave of speculations about the future price action of these coins.
As a researcher studying the crypto market, I’ve observed a significant downturn in the meme coin sector today, May 1. Notable meme-based cryptocurrencies like DOGE, SHIB, and PEPE, among others, experienced a substantial price drop within the past 24 hours.
During the FOMC meeting that caused a significant market downturn, there’s been heightened interest and debate among crypto traders regarding the potential future price movements of these digital coins.
Many key indicators tracked on the blockchain appear to be driving price movements, potentially leading to a downturn for meme coins. Let’s explore the on-chain data supporting the recent drop in value.
Shiba Inu (SHIB) Price Slips 8%
The price of Shiba Inu (SHIB), often referred to as the “Dogecoin challenger,” experienced a significant decrease of approximately 8.85% over the last 24 hours, now trading at $0.00002105. This downward trend in value can be attributed to the pessimistic market sentiment reflected in Shiba Inu’s derivatives data.
As a crypto investor, I’ve noticed that there has been a significant drop in investor enthusiasm towards SHIB based on recent data from Coinglass. The open interest for this token decreased by 11.85% and reached $52.91 million. Moreover, the liquidations amounted to $738.93K, which suggests an increase in traders who were compelled to close their positions due to market volatility.
The data collectively makes sense of Shiba Inu’s price decline, and this market instability coincides with the ongoing Federal Open Market Committee (FOMC) meeting, as previously stated.
Dogecoin (DOGE) Price Tumbles 8%
As a researcher studying the cryptocurrency market, I’ve observed that Dogecoin, a significant rival to Shiba Inu, experienced a decline of 7.87% over the past 24 hours. At present, DOGE is being traded at $0.125. Notably, similar to Shiba Inu, the derivatives data for Dogecoin has sparked concerns among investors, fueling a bearish sentiment.
As a crypto investor, I’ve noticed that DOGE‘s open interest decreased by 12.80%, amounting to $693.39 million. Simultaneously, liquidations totaled $6.09 million. These figures suggest a significant surge in selling pressure for the token. This trend aligns with Dogecoin’s bearish performance today and may be indicative of similar factors affecting SHIB‘s price negatively.
Pepe Coin (PEPE) Price Slips 10%
As an analyst, I’ve observed a noteworthy 9.18% decrease in the price of PEPE, a meme token with a frog theme, within the last 24 hours. Its current value hovers around $0.000006247. Paralleling the trends of DOGE and SHIB, PEPE’s on-chain metrics suggest a bearish outlook for this token at present.
The open interest in PEPE declined by 5.49%, amounting to $64.88 million. Simultaneously, the meme coin recorded $2.66 million in liquidations, reflecting a bearish market trend that aligns with PEPE’s price decrease.
In contrast to other popular meme cryptocurrencies such as FLOKI, WIF, and BONK which experienced a decline of 2-5% in value during the last day, the meme coin market has raised significant apprehension among investors due to the bearish trend initiated by the Federal Open Market Committee (FOMC) meeting. This anxiety is further intensified by the gloomy on-chain data.
Read More
- USD ZAR PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- EUR ILS PREDICTION
- WELSH PREDICTION. WELSH cryptocurrency
- TROY PREDICTION. TROY cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- PRIME PREDICTION. PRIME cryptocurrency
- SHI PREDICTION. SHI cryptocurrency
- USD COP PREDICTION
2024-05-01 16:05