Altcoins face reduced leverage, signaling cautious market sentiment this week.
BONK struggles with bearish momentum, testing key support levels for stability.
WIF and DOGE show consolidation patterns, with critical resistance limiting gains.
The crypto market experienced a notable shift this week, with a selloff that triggered a decline in the open interest-to-market cap ratio for many altcoins, according to Kaiko data. This indicates reduced leverage and trading activity in the altcoin market, highlighting a growing sense of caution among investors. Meme tokens, including Bonk (BONK), Dogwifhat (WIF), PEPE, and Dogecoin (DOGE), felt the brunt of the downturn, with substantial declines in their market metrics.
Following this week’s selloff, the open interest to market cap ratio dropped for most altcoins, indicating lower leverage.
Meme tokens like BONK, WIF, PEPE, and DOGE saw the biggest declines. pic.twitter.com/2xJMEpFjGI
— Kaiko (@KaikoData) December 13, 2024
BONK Faces Bearish Momentum
Bonk (BONK) witnessed a 2.81% price drop in the last 24 hours, trading at $0.00003862. The token’s market cap fell by 2.77%, now standing at $2.92 billion, while i…
The post Reduced Leverage Drags Altcoin Trading: Meme Tokens Bear the Brunt appeared first on Coin Edition.
