Data from recent analytics reveals a significant decrease in Dogecoin Open Interest, with a comparative analysis of memecoins like Shiba Inu and Pepe. Dogecoin, the pioneer meme-based token, has seen a considerable drop in Open Interest.
Analytics firm, Glassnode, has reported on the latest trend in Open Interest for various memecoins in the crypto market. “Open Interest” signifies the total number of open positions connected to a particular asset across all derivatives exchanges.
The graph below illustrates the trend in the seven-day moving average (MA) for Dogecoin:
As depicted in the graph, the seven-day MA of Dogecoin Open Interest was $3.5 billion in December. However, it has since fallen to a mere $1.49 billion, indicating a decrease of roughly 58.4%.
Notably, DOGE is not the only memecoin experiencing a futures slump. The second chart shared by Glassnode reveals that Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) have also witnessed a dip in Open Interest over the past few months. These coins have seen a more significant decline than DOGE, with a decrease over 69%.
Similarly, Shiba Inu (SHIB) and Floki (FLOKI) have also seen a decrease by 74% and 69%, respectively.
While futures market speculation has plunged across memecoins, the trend seems different within other segments of the crypto market. The graph below, shared by Glassnode, compares the percentage change in Open Interest between meme-based assets and three top coins (Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)):
Bitcoin, Ethereum, and Solana have registered a decrease of 11%, 23%, and 6% respectively, far lower than the 52% plunge experienced by the collective memecoin market.
As for DOGE price, it has been displaying a sideways motion over the past weeks, maintaining a trading value around $0.25.
