In the backdrop of market corrections and consolidations witnessed recently, meme coin Today, it once again caught the attention of investors and recorded significant declines in the last 24 hours. Some of the top meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Pepe (PEPE), and Book of Memes (BOME), are seeing significant gains in prices, primarily attributed to the multitude of on-chain dynamics hovering on the crypto horizon. The value recorded a decrease. Here is a closer look at the top 5 meme coins mentioned above and the potential reasons why they are witnessing a bearish trend in the market today.
Dogecoin (DOGE)
The largest meme cryptocurrency by global market cap dogecoin, has experienced a significant drop of 6.91% in price in the last 24 hours. It is currently trading at $0.171. This decline of the Meme token reflects a strong downtrend in the market, and on-chain data further confirms DOGE’s decline.
Coinglass revealed that there was an 11.08% decrease in DOGE open interest, accompanied by a 4.49% decrease in derivatives volume. This marked a significant decrease in market activity and investor interest in the asset. With the OI weighted funding rate falling to 0.0234%, derivative data analysis reflected DOGE’s downward trend today.
Meanwhile, DOGE liquidations increased over the last 24 hours, reaching $9.50 million, while long positions were $7.33 million and short positions were $2.17 million. This is further aligned with DOGE’s decline as significant selling pressure increases the supply of assets in the market.
Shiba Inu (SHIB)
Another meme is the coin one Shiba Inu, recorded a 2.86% decrease in its price in the last 24 hours. It currently stands at $0.00002672. Even the bearish trend of SHIB, which is positioned as a rival to Dogecoin, has led to a decline in on-chain metrics, which Coinglass noted.
Interestingly, while SHIB’s open interest fell by 1.91%, the OI weighted funding rate continued its downward movement at 0.0387%, confirming Shiba Inu’s decline. Additionally, SHIB’s liquidations totaled $627.56K, while long positions totaled $296.84K and short positions totaled $330.72K, further reflecting the token’s downward trend today.
Dogwifhat (WIF)
Another meme coin running on the Solana blockchain dogwifhat, recording a remarkable 13.05% drop in price over the last 24 hours, reaching $3.42. This decline in WIF’s price follows the broader downward trend in the meme coin type, with on-chain data further documenting the meme coin’s price decline.
Coinglass revealed an 11.09% decline in WIF’s open interest, while the OI weighted funding rate dropped to 0.0226%, indicating a bearish trend for the asset. Additionally, WIF’s on-chain metrics accredit its decline, accompanied by liquidations worth $1.89 million, including $1.61 million long and $272.96 thousand short positions.
Pepe Coin (PEPE)
Another meme coin PEPE, has recorded a decline of 6.71% in the last 24 hours and is currently trading at $0.0000066. Even PEPE, which operates on the Ethereum blockchain, dropped today and fell in line with the token’s on-chain data.
PEPE open interest fell 5.66% and derivatives volume fell 5.88%, indicating a strong downtrend for the token in the market. Simultaneously with the drop in the OI-weighted funding rate to 0.0215% and liquidations worth $2.12 million, PEPE further reinforced the bearish trend in the broader crypto market. In this context, liquidated long positions amounted to 1.69 million dollars, while the total of liquidated short positions was 435.97 thousand dollars.
Book of Meme (BOME)
Book of Meme (BOME), another Solana meme coin on the list, showed a bearish trend in the market today. BOME price dropped 13.50% in the last 24 hours and currently stands at $0.01374. Reflecting the bearish trend with on-chain data, BOME’s price decline is quite similar to the aforementioned meme coins.
Open interest in BOME dropped by 13.64%, followed by a volume decline of 2.15%, followed by a significant decrease in investor interest and reduced trading activity for the Solana-based meme token. This contributed to BOME’s massive decline, which was accompanied by liquidation of $2.13 million. Specifically, long positions liquidated $1.83 million, while short positions liquidated $292.17 thousand.
Meanwhile, it is worth noting that 89,908 investors were liquidated in the last 24 hours, with total liquidations reaching $268.78 million. The single most significant liquidation order was on OKX with ETH-USD-SWAP worth $6.00 million.
Moreover, the decline in the prices of these meme coins brings about a broader correction wave in the crypto market, creating the feeling that prices will fall in the future.
