The futures volume for Shiba Inu (SHIB) and other meme coins surged before dropping significantly, indicating short-lived speculation. On-chain data shows that SHIB futures volume reached $2.72 billion before declining by 90% to $0.28 billion. Similar trends were observed in other meme coins such as Dogecoin, Dogwifhat, PEPE, and BONK. In contrast, blue-chip cryptocurrencies like Bitcoin and Ethereum experienced moderate pullbacks but maintained strong demand over a longer period. Bitcoin futures volume decreased by 45% and Ethereum futures volume declined by 17%. Solana futures volume also saw a drop of 47%. These patterns suggest that speculation played a major role in driving up futures volume in the meme coin sector.



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