Despite a slight decline in the cryptocurrency market, Bitcoin open interest continues to rise.
BTC -3.51%
“OI increased by $1.5 billion, price frozen. High risk situation,” Decentrader founder @filbfilb posted on X.com. The founder of Decent Raider also warned, “I don’t remember a situation like this in a long time. Survive.” According to another
Bitcoin open interest (OI) has risen to more than $1.5 billion, but the price is trending downward, leading one cryptocurrency founder to warn that a sudden price correction could be imminent. Image: X/@filbfilb, Coinalyze.
bitcoin It was trading lower in Tuesday morning trading. The world’s largest digital asset by market capitalization has fallen about 3.2% over the past day and was changing hands at $67,18 at 5:44 am. According to E.T. Block’s pricing page.
The Memecoin sector has been underperforming the broader cryptocurrency market.
Mimcoin’s market capitalization has fallen more than 6% in the past 24 hours, underperforming the broader cryptocurrency market, which has fallen 2% over the same period.
CoinGecko The top five memecoins by market capitalization in the memecoin category account for approximately 77% of the total memecoin market cap of $59 billion. All top 5 memecoins The value has decreased in the last 24 hours. The most notable decline was floki, which fell 8% in the past day.
Other top 5 memecoins like dogecoinpepe, shiba inu and dogwifhat deThey increased by 2.7%, 3.6%, 3.3%, and 4%, respectively.
GameStop-inspired memecoins fall further.
The Roaring Kitty themed token coincided with GameStop’s stock price decline and experienced double-digit losses over the same period. Shares of the video game retailer fell more than 49% for the second straight session on Monday, following a 40% drop on Friday.
GameStop’s stock closed trading Monday at $24.83, down 62% from the two-year high of $61 it reached last Thursday. Meanwhile, GME, a Solana-based memecoin with no formal affiliation with the company, fell 20%. According to CoinGecko data, related tokens such as KITTY and ROAR fell 26% and 27%, respectively, over the past day.
Last week, “Roaring Kitty,” also known as Keith Gill, disclosed a $580 million position in GME stock and options, initially boosting the stock price and potentially putting it in a position of billions of dollars of exposure. But those gains were wiped out after GameStop announced plans to sell up to 75 million shares, just days after raising $933 million by selling 45 million shares.
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