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Analysts noted that despite the price drop, Bitcoin’s (BTC) open interest exceeded $1.5 billion, creating a high-risk scenario. Decentrader founder filbfilb highlighted this situation on X, pointing out the unusual increase in open interest despite the falling price. Another analyst, Byzantine General, noted that open interest approached levels seen before previous significant price drops.
Bitcoin’s Market Shake-Up
Bitcoin fell over 3.5% in the last 24 hours, dropping to $66,500. This price movement, as indicated by the rising open interest figures, shows increased volatility and potential risk in the overall cryptocurrency market.
The memecoin sector is underperforming compared to the broader cryptocurrency market. In the last 24 hours, most memecoins’ market value eroded by over 6%, while the overall cryptocurrency market saw a 2% decline. The top five memecoins, including Dogecoin (DOGE), Pepe (PEPE), Shiba Inu (SHIB), Floki (FLOKI), and dogwifhat (WIF), all experienced significant value losses.
Among these, FLOKI had the most notable drop with an 8% decline. Other leading memecoins like DOGE, PEPE, SHIB, and WIF fell by 2.7%, 3.6%, 3.3%, and 4%, respectively. This trend reflects a broader market pullback, with memecoins facing more severe impacts.
GameStop-Inspired Memecoins Plummet
GameStop-inspired memecoins, such as those themed around “Roaring Kitty,” saw even more severe declines. These altcoins, not officially linked to GameStop, mirrored the company’s significantly falling stock performance in recent sessions. GameStop shares began the new week with a drop of over 49% after a 40% decline on the last trading day of the previous week.
GameStop shares closed Monday at $24.83, representing a 62% drop from the two-year high of $61 reached the previous Thursday. According to CoinGecko data, the Solana-based memecoin GME fell by 20%, while related altcoins KITTY and ROAR dropped by 26% and 27%, respectively.
This decline followed the initial rise in stock price after “Roaring Kitty,” also known as Keith Gill, disclosed a $580 million position in GME stock and options. However, all subsequent gains were lost after GameStop announced plans to sell up to 75 million shares, just days after raising $933 million by selling 45 million shares.
