8 September 2025
3 0
Crypto Markets Rise as ENA and DOGE Post Double-Digit Gains
Most cryptocurrencies are experiencing price increases, with notable gains in tokens like Ethena's ENA and Dogecoin (DOGE). The CoinDesk 20 Index is up by 2%, with 16 of its members advancing.
Alex Kuptsikevich from FxPro warns that the crypto market capitalization remains below its 50-day moving average, indicating bearish sentiment. He notes that while anticipated Fed interest-rate cuts support stock prices, economic weakness negatively impacts retail investors.
Derivatives Positioning
- Double-digit gains in futures open interest were seen for DOGE, SUI, and HYPE over the past 24 hours.
- Dogecoin's open interest surged to 16.88 billion DOGE, the highest since July 31, correlating with a 7.5% price increase.
- BTC's open interest in perpetual contracts remains between 270K-290K BTC; surpassing 290K may indicate increased price volatility.
- On CME, BTC's futures open interest is at April lows, while ETH's has decreased to 1.87 million ETH from a high of 2.2 million ETH, signaling capital outflows.
- XRP and SOL calls on Deribit show a bullish bias, while BTC and ETH options reflect downside concerns.
Token Talk
- Memecoins are rebounding, with several posting daily gains despite previous skepticism.
- Bonk (BONK) led with nearly a 7% gain, while Dogecoin also rose over 7% to $0.2335.
- The CoinDesk Meme Index gained 2.20%, outperforming the CoinDesk 20 Index which increased by 1.27%.
- Speculative assets like fartcoin (FARTCOIN) are attracting buyers, indicating renewed interest among retail traders.
- The memecoin sector has seen a turnaround after being depressed, partly due to failed celebrity-linked launches.
- MemeCore (M), catering to the memecoin market, rose 164% over the past week.
- The overall crypto market cap is up 0.57% to $3.84 trillion, suggesting strength in altcoin and memecoin markets as BTC and ETH recover from critical support levels.