In what stages as a<\/span>\u00a0bearish event for crypto market traders and investors globally, the meme coin sector again illustrated a considerable slump in prices today, May 1. Prominent meme-based cryptos, including DOGE, SHIB, & PEPE, among many others, noted a remarkable crash in prices in the past 24 hours.<\/span><\/p>\n Amidst the broader market\u2019s substantial dip coinciding with the ongoing FOMC meeting, this slump has sparked a wave of speculations about the future price action of these coins, adding an element of intrigue among crypto market participants.<\/span><\/p>\n <\/p>\n A plethora of on-chain metrics seem to be the primary factors influencing the prices, pushing them towards a bearish movement. Let\u2019s delve into on-chain insights validating the recent slump of the meme coins.<\/span><\/p>\n Shiba Inu (SHIB)<\/a>, a.k.a the self-proclaimed Dogecoin killer, witnessed a notable 8.85% drop in its price in the past 24 hours, trading at $0.00002105. This drop in the dog-themed meme token primarily aligns with the bearish sentiment underscored by the token\u2019s derivatives data.<\/span><\/p>\n Coinglass<\/a> spotlighted a substantial decrease in investor interest surrounding the token, as SHIB\u2019s open interest dipped 11.85%, reaching $52.91 million. Further, liquidations for Shiba Inu totaled $738.93K, highlighting the spike in traders who were forced to close positions.<\/span><\/p>\n <\/p>\n This data collectively rationalizes SHIB\u2019s price slip, whereas the turbulent shift in the market also aligns with the ongoing FOMC meeting, as mentioned above.<\/span><\/p>\n <\/p>\n Further, Dogecoin<\/a>, Shiba Inu\u2019s most prominent rival, tumbled 7.87% in the past 24 hours and is currently trading at $0.125. Similar to SHIB, even DOGE\u2019s derivatives data ignited a bearish buzz among investors.<\/span><\/p>\n DOGE\u2019s open interest dropped 12.80%, reaching $693.39 million, whereas liquidations reached $6.09 million, highlighting substantial rise in the selling pressure for the token. This primarily aligns with Dogecoin\u2019s bearish movement today, further aligning with the factors underscoring a slump in SHIB\u2019s price.<\/span><\/p>\n Also Read: Vitalik Buterin Warns Against Hardware Wallets, Proffers Alternative<\/a><\/strong><\/p>\n Meanwhile, PEPE<\/a>, a frog-themed meme token, witnessed a 9.18% dip in its price over the past 24 hours, reaching $0.000006247. Similar to DOGE & SHIB, Pepe coin\u2019s on-chain data underscored a bearish trend for the token at press time.<\/span><\/p>\n <\/p>\n PEPE\u2019s open interest tumbled 5.49%, reaching $64.88 million, whereas liquidations for the meme coin evaluated as $2.66 million, underlining a bearish trend that further falls in line with PEPE\u2019s price dip.<\/p>\n Whereas, other renowned meme cryptos, including FLOKI, WIF, and BONK, witnessed a 2-5% dip in prices over the past day. Further falling in line with the bearishness ignited with the FOMC meeting<\/a>, followed by on-chain data\u2019s bearish splash, the meme coin sector appears to have sparked severe concerns among among investors surrounding future price action.<\/p>\nShiba Inu (SHIB) Price Slips 8%<\/span><\/h2>\n
Dogecoin (DOGE) Price Tumbles 8%<\/span><\/h2>\n
Pepe Coin (PEPE) Price Slips 10%<\/span><\/h2>\n
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