📝Futures market traders sell Dogecoin #DOGE: amid waning meme coin fever.
✅ The cryptocurrency market is witnessing a shift in trading direction, as traders in the futures markets have begun taking short-selling deals on Dogecoin (#Dogecoin ), the largest meme coin in the market, amid a general decline in the meme sector#MemeWatch2024 .
🔲 “When the price of Bitcoin falls,” says Neil Roarty, an analyst at investment platform Stocklytics, “meme coins tend not only to follow, but to lose a larger share of their value. Any plans for a meme summer may have to be put on hold.”
⚪ As reported earlier this week, Dogecoin futures traders posted their worst day since May 2021, as the coin saw $60 million in long positions liquidated. This is an unusually higher number than Bitcoin futures#bitcoin .
🔴These declines came at a time when Bitcoin prices suffered #BTC. over the past weeks amid sales worth $2 billion from major holders. Net outflows from US exchange-traded funds, and a strong dollar.