Today, May 1, the meme coin sector once again demonstrated a significant decline in values, marking what appears to be a gloomy occurrence for traders and investors worldwide in the cryptocurrency market. Well-known meme-based cryptocurrencies, such as PEPE, SHIB, and DOGE, among many others, reported an astounding decline in value over the previous day.
Participants in the cryptocurrency market are becoming more intrigued by the significant decline in the overall market during the FOMC meeting. This decline has also prompted a wave of conjecture about the future price movement of these currencies.
Numerous on-chain data are the main drivers driving lower prices and moving them toward a bear market. Let’s examine on-chain observations that support the meme currencies’ recent decline.
Price of Shiba Inu (SHIB) Drops by 8%
Shiba Inu’s (SHIB) price, also known as the self-declared “Killer of Dogecoin,” dropped 8.85% on the last day, closing at $0.00002105. This decline in the dog-themed meme token mainly supports the adverse attitude highlighted by the token’s derivatives data.
Coinglass revealed that investor interest in SHIB has significantly decreased, with open interest falling 11.85% to $52.91 million. Additionally, $738.93K worth of Shiba Inu liquidations were made, underscoring the increase in traders compelled to close positions.
All of these facts explain SHIB’s price decline, and as previously said, the market’s erratic movement is consistent with the ongoing FOMC meeting.
Dogecoin’s (DOGE) Value Drops 8%
Furthermore, the most well-known opponent of Shiba Inu, Dogecoin, has dropped 7.87% in the last day and is now trading at $0.125. Like SHIB, even DOGE’s derivatives data caused investors to go pessimistic.
While liquidations hit $6.09 million, DOGE’s open interest fell 12.80% to $693.39 million, indicating a significant increase in selling pressure for the token. This is mainly consistent with Dogecoin’s bearish movement today, which is also consistent with the elements highlighting a decline in the price of SHIB.
The price of Pepe Coin (PEPE) Drops 10%
Over the previous day, the frog-themed meme token PEPE price dropped 9.18% to $0.000006247. Pepe coin’s on-chain data, like those of DOGE & SHIB, highlighted a bearish trend for the token at publication.
The meme coin’s liquidations were valued at $2.66 million, indicating a negative trend consistent with PEPE’s price decline. PEPE’s open interest fell 5.49% to $64.88 million.
Other well-known meme cryptocurrencies, such as FLOKI, WIF, and BONK, saw a 2-5% decrease in price during the day. Adding to the pessimism caused by the FOMC meeting and the bearish splash of on-chain data, the meme coin market seems to have raised serious doubts about future price movement among investors.
