Meme Coins Take a Nosedive Amid Market Correction

Amidst market corrections, meme coins have taken a downturn in the past 24 hours. Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe Coin (PEPE), and Book of Meme (BOME) have all witnessed significant price drops, largely attributed to reduced open interest, declining derivatives volume, and substantial liquidations. This bearish trend reflects on-chain dynamics and aligns with a broader cryptocurrency market correction.

Meme Coins Experience Significant Downturn Amid Market Corrections

In the midst of ongoing market corrections and consolidations, meme coins have once again garnered significant investor attention, albeit in a negative light. Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe Coin (PEPE), and Book of Meme (BOME) have all recorded notable price declines in the past 24 hours.

Dogecoin (DOGE)

The largest meme cryptocurrency by market capitalization, Dogecoin, has experienced a significant 6.91% drop in price over the past day, currently trading at $0.171. This decline is supported by bearish on-chain data, indicating a reduction in market activity and investor interest. Coinglass reports an 11.08% decrease in open interest and a 4.49% fall in derivatives volume. The OI-weighted funding rate has also tumbled to 0.0234%, further signaling a bearish trend. Liquidations have also surged, reaching $9.50 million, with a majority of long positions being closed.

Shiba Inu (SHIB)

Another popular meme coin, Shiba Inu, has witnessed a 2.86% decline in price, currently trading at $0.00002672. As a self-proclaimed "Dogecoin killer," SHIB's bearish movement is also supported by negative on-chain metrics. Open interest has decreased by 1.91%, while the OI-weighted funding rate remains bearish at 0.0387%. Liquidations have totaled $627.56K, with long positions dominating the liquidations.

Dogwifhat (WIF)

Dogwifhat, a dog-based meme currency running on the Solana blockchain, has experienced a sharp 13.05% price drop to $3.42. This decline is corroborated by on-chain data, indicating a decrease in investor interest and market sentiment. Coinglass reports an 11.09% reduction in open interest and a drop in the OI-weighted funding rate to 0.0226%. Liquidations have reached $1.89 million, with a majority of long positions liquidated.

Pepe Coin (PEPE)

Pepe Coin, a frog-based meme token built on the Ethereum blockchain, has also suffered a 6.71% price decline, currently trading at $0.0000066. Its open interest and derivatives volume have both decreased, signaling a bearish trend. The OI-weighted funding rate has fallen to 0.0215%, and liquidations have totaled $2.12 million, with long positions accounting for the majority.

Book of Meme (BOME)

Another Solana-based meme coin, Book of Meme, has been heavily influenced by the bearish market sentiment. Its price has plummeted by 13.50% to $0.01374. On-chain data reveals a 13.64% drop in open interest and a 2.15% decline in volume, indicating a reduction in trading activity and investor interest. Liquidations have reached $2.13 million, with long positions dominating the liquidations.

It is important to note that the decline in these meme coins is part of a broader market correction that has affected the entire cryptocurrency market. Investors are exercising caution and taking profits, leading to a decline in prices.

In conclusion, the top 5 meme coins mentioned above have experienced a significant downtrend in the past 24 hours. On-chain data suggests a reduction in market activity, investor interest, and a bearish funding rate. These factors have contributed to the decline in prices, although the broader market correction has also played a role. Investors should remain cautious and monitor market conditions closely before making any investment decisions.