Meme coins such as Dogecoin ($DOGE ), Shiba Inu ($SHIB ), and Pepe ($PEPE ) record significant losses in the ongoing broader cryptocurrency market sell-off. DOGE, SHIB, and PEPE test their crucial support levels, risking further losses if broader market sentiment declines.
Investors pull out of meme coins
Meme coins, particularly during a market correction phase, are known to lead the decline, as they are highly volatile and driven by speculation. CoinGlass data shows that in the last 24 hours, the futures Open Interest (OI) of DOGE, SHIB, and PEPE has decreased by 3%, 12%, and 9%, respectively, to reach $1.75 billion, $78.52 million, and $242.12 million. The decline in OI indicates a decrease in the notional value of all outstanding futures contracts, suggesting that traders are becoming risk-averse and moving to the sidelines.
