- Dogecoin, Pepe and several pieces have seen their interest open decrease by $ 5 billion since December 9.
- The decreased interest indicates a possible change in feeling of the investors of parts even in the middle of the general slowdown in the cryptography market.
- The COO of Mexc, Tracy Jin, noted that the recovery of the market could be extended if the retail investors continued to be victims of scams in the memes.
Dogecoin (Doge), Pepe, Shiba Inu (Shib) and several parts of upper memes have lost about 5 billion dollars in open interest (OI) since their initial peak in December, according to Glassnode. This follows the recent pump and the degrement of coins in one day and how they slowed down recovery from the cryptography market.
Same corner open accident in the middle of the concerns of the increase in memes scams
The sector of the same has experienced a negative feeling about investors in recent weeks. This has led to a massive drop in the open interest of the best parts since December 9, according to a Glassnode position on X.
Doge, Pepe, Shib, Floki, Bonk and WIF saw a total of $ 5.06 billion erased their open interest during this period.
DOGE has witnessed the highest decline, deducing more than 52% of its OI, representing $ 2 billion.
Similarly, Pepe, Shib and Oi de Bonk fell by 71%, 74%and 75%, respectively, after reaching their heights in December.
The rapid decrees suggest a decreasing interest in coins among investors. Glassnode notes that it reveals a lever effect among the superior memes and a change of feeling through the sector.
The decreases could be partly allocated to the general crash of the cryptography market on February 3, which also had an impact on the parts sector even.
The slowdown was exacerbated by a broader uncertainty of the market and a decrease in investors’ enthusiasm in the main active ingredients such as Bitcoin, Ethereum and Solana.
Likewise, the controversy surrounding Argentine President Javier Milei even Token Libra played an important role in destabilizing the memes market.
After an initial push fed by Milei’s approval, the price of the balance crashed 89% in a few hours. This led to accusations of a pump and future scheme, triggered by disclosure that a few portfolios controlled 82% of the token supply, according to Bubblemaps.
The impact of the scandal of the balance tokens has raised questions and criticism of the safety of parts even approved by celebrities and their impact on the cryptography market.
Crypto Exchange Mexc Coo Tracy Jin notes that the cryptography market could face prolonged consolidation if retail investors continue from a victim of these coins scams.
“If medium detail users are starting to associate cryptocurrencies mainly with scams, the market could face a prolonged recovery period,” Jin wrote in a note at FXSTREET.
The room sector even is down by almost 3%, with major tokens, Pepe and Shib having experienced weekly losses of 3%, 8%and 4%, respectively.