koinmilyoner
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Bullish
Top joke currencies like Dogecoin, PEPE, Shiba Inu, and others lose $5 billion in open interest as investor confidence drops
Since December 9, Dogecoin, PEPE, and other meme currencies have lost $5 billion in open interest.
The decline in meme coin open interest suggests investor attitude may be changing despite the crypto market slump.
If meme coin frauds continue to fool individual investors, MEXC COO Tracy Jin said the market recovery might take longer.
Glassnode reports that Dogecoin (DOGE), PEPE, Shiba Inu (SHIB), and other meme currencies have lost $5 billion in open interest (OI) since December. This follows the recent pump-and-dump of single-day meme currencies, which hindered crypto market recovery.
Concerns about meme scams drive meme coin open interest down.
In recent weeks, meme coin investors have been bearish. Since December 9, top meme currency open interest has plummeted, according to Glassnode on X.
DOGE, PEPE, SHIB, FLOKI, BONK, and WIF lost $5.06 billion in open interest.
DOGE lost 52% of their OI, or $2 billion, the most.
After peaking in December, PEPE, SHIB, and BONK's OI fell 71%, 74%, and 75%.
Fast drops show investors are losing interest in meme currencies. Glassnode says data shows a leverage flush among top memes and a sector mood change.
The mainstream crypto market meltdown on February 3 also affected meme coins.
Market instability and investor apathy for Bitcoin, Ethereum, and Solana worsened the collapse.
The LIBRA meme token issue, involving Argentine President Javier Milei, destabilized the meme market.
LIBRA fell 89% just hours after Milei's endorsement boosted its price. Bubblemaps reported that a few wallets owned 82% of the token's supply, sparking pump-and-dump charges.
Celebrity-endorsed meme currencies and their influence on the crypto market have been questioned after the LIBRA token fiasco.
Crypto exchange MEXC COO Tracy Jin says the market may consolidate if regular investors fall for meme coin frauds.
#BNBChainMeme #pepe #DOGE #BinanceAirdropAlert $SOL $DOGE $PEPE
Since December 9, Dogecoin, PEPE, and other meme currencies have lost $5 billion in open interest.
The decline in meme coin open interest suggests investor attitude may be changing despite the crypto market slump.
If meme coin frauds continue to fool individual investors, MEXC COO Tracy Jin said the market recovery might take longer.
Glassnode reports that Dogecoin (DOGE), PEPE, Shiba Inu (SHIB), and other meme currencies have lost $5 billion in open interest (OI) since December. This follows the recent pump-and-dump of single-day meme currencies, which hindered crypto market recovery.
Concerns about meme scams drive meme coin open interest down.
In recent weeks, meme coin investors have been bearish. Since December 9, top meme currency open interest has plummeted, according to Glassnode on X.
DOGE, PEPE, SHIB, FLOKI, BONK, and WIF lost $5.06 billion in open interest.
DOGE lost 52% of their OI, or $2 billion, the most.
After peaking in December, PEPE, SHIB, and BONK's OI fell 71%, 74%, and 75%.
Fast drops show investors are losing interest in meme currencies. Glassnode says data shows a leverage flush among top memes and a sector mood change.
The mainstream crypto market meltdown on February 3 also affected meme coins.
Market instability and investor apathy for Bitcoin, Ethereum, and Solana worsened the collapse.
The LIBRA meme token issue, involving Argentine President Javier Milei, destabilized the meme market.
LIBRA fell 89% just hours after Milei's endorsement boosted its price. Bubblemaps reported that a few wallets owned 82% of the token's supply, sparking pump-and-dump charges.
Celebrity-endorsed meme currencies and their influence on the crypto market have been questioned after the LIBRA token fiasco.
Crypto exchange MEXC COO Tracy Jin says the market may consolidate if regular investors fall for meme coin frauds.
#BNBChainMeme #pepe #DOGE #BinanceAirdropAlert $SOL $DOGE $PEPE
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