Here’s Why Investors Are Revenge Shorting This Meme Coin Even After 30% Crash

Meme coins have been the biggest victim of the recent crypto market downtrend after their total market cap dropped by more than $10 billion in just one week. Usually, such dips present an opportunity for traders to enter long positions if the downtrend shows signs of exhaustion. However, this has not been the case with the SPX6900 (SPX) meme coin, as traders have rapidly opened short positions despite a 30% crash. Why? Let’s explore.