Meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are at an increased risk of losses due to the current volatile market conditions. On-chain and derivatives data indicate a decline in interest in DOGE, SHIB, and PEPE, with technicals leaning bearish.
The number of large-wallet investors, commonly referred to as whales, in a meme coin project reflects the underlying strength of its community. A decline in this count indicates a decrease in confidence among large investors.
Bitcoin (BTC) price remains under pressure this week, consolidating above $111,980 support after dropping more than 3%. BTC pullback continued as weakening demand and profit-taking keep weighing in, as spot Exchange Traded Funds (ETFs) saw over $1.15 billion in outflows. Traders now look to Federal Reserve (Fed) Chair Jerome Powell’s upcoming speech at the Jackson Hole Symposium this Friday, which could provide fresh cues for the next directional move for riskier assets such as Bitcoin.
Bitcoin price continued its correction so far this week, falling over 3% and reaching a low of $112,015 on Thursday, having declined nearly 8% from its all-time high of $124,747 on August 14. The falling institutional demand fueled this price pullback. SoSoValue data shows that Bitcoin Spot ETFs have recorded a total of $1.15 billion in outflows until Thursday, the highest outflow since early March. If this outflow continues and intensifies, BTC could see further correction ahead.
XRP fell 3% to $2.85 on Thursday as investors booked over $300 million in profits following hawkish Federal Open Market Committee (FOMC) minutes from its July meeting. XRP saw an uptick in profit-taking activity over the past 24 hours as a brief recovery in the market was dented by hawkish FOMC minutes.
The remittance-based token tagged $3 on Wednesday but quickly retraced as policymakers signaled a preference for inflation data in establishing interest rates. With inflation coming in hotter-than-expected last week, the minutes have fueled concerns that the Fed may hold rates steady in its September meeting.
