This week, the crypto market experienced significant changes triggered by selloffs, causing a drop in the open interest-to-market cap ratio for many altcoins.
Drop in Cryptocurrency Market Activity
According to Kaiko data, the drop in the open interest-to-market cap ratio indicates reduced leverage and trading activity in the altcoin market, highlighting a growing sense of investor caution.
Meme Tokens Under Pressure
Meme tokens such as Bonk (BONK), Dogwifhat (WIF), PEPE, and Dogecoin (DOGE) have experienced the biggest declines in their market metrics, suffering from the overall downturn.
Current Situation with BONK and DOGE
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.
The current crypto market situation requires investors to adopt a more cautious approach, particularly with the noticeable impact on meme tokens, which serve as visible indicators of changing market sentiments.
