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As the cryptocurrency market experiences a general downturn, meme coins have witnessed sudden fluctuations. The volatility observed in leading tokens like DOGE, SHIB, PEPE, and FLOKI has created unease among market participants. Data related to futures trading indicates possible further declines in the prices of these assets.
Drop in Open Positions
According to analysis reports, there has been a sharp decrease in the value of open positions in the futures market. The 7-day moving average for DOGE has fallen from $3.58 billion to $1.49 billion, while tokens like PEPE, BONK, and WIF have recorded even greater declines.
Glassnode: “We have observed a significant decline in open positions in futures trading.”
This decline in data increases the likelihood of traders exiting leveraged positions and diminishes market confidence. Such conditions may lead to decreased liquidity and heightened volatility within the market. Investors are beginning to exercise caution against short-term fluctuations, especially following the Solana 
$154 fiasco, which caused considerable damage to Solana-based meme coins.
Market Performance and Developments
Although DOGE showed slight gains in today’s trading, it has decreased by 1.5% over the week. SHIB experienced a small drop during the day, while PEPE Coin saw a 2% reduction. FLOKI managed a 4% recovery in the last 24 hours, yet significant drops have persisted over the past 30 days.
General macroeconomic pressures and decreasing trading volumes are impacting the entire cryptocurrency market, highlighting the risky nature of meme coins. Negative assessments of certain projects have heightened concerns across the market.
Data reveals a shift from speculative movements seen last year to a more cautious approach. Investors may consider developing new strategies in light of market declines and low liquidity.
Analyzed data suggests that market fluctuations may continue to rise. Investors are advised to closely monitor these developments before making decisions.
