Dogecoin Open Interest Falls 58% Amid Declines in Other Memecoins
Recent data indicates a significant decline in Open Interest for Dogecoin and other memecoins. Here are the key points:
Decline in Open Interest
- The 7-day moving average of Dogecoin's Open Interest fell from $3.5 billion in December to $1.49 billion, a 58.4% decrease.
- Other memecoins like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) experienced an even larger drop, over 69%.
- Shiba Inu (SHIB) and Floki (FLOKI) also saw declines of 74% and 69%, respectively.
Comparison with Major Cryptocurrencies
- Bitcoin (BTC) experienced a drop of 11% in Open Interest.
- Ethereum (ETH) saw a 23% decrease.
- Solana (SOL) registered a 6% decline.
- The overall memecoin market dropped by approximately 52%, indicating a more severe downturn compared to major cryptocurrencies.
Current Dogecoin Price
Dogecoin is currently trading around $0.25, showing little movement in recent weeks.