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. Investors Increase Short Positions on SPX Meme Coin In most cases, after a crypto market crash and possible seller exhaustion, prices tend to rebound as traders accumulate the dip. However, according to Coinglass, traders anticipate that SPX is yet to find a local bottom despite the price falling by 30%. The SPX meme coin has seen a rapid surge in short positions. In fact, the token has the largest number of newly opened short positions in the last 24 hours. Open interest rose by 81% as traders increased their bets that the meme coin price would...