Summary
- Reported that Dogecoin's open interest has fallen from $5.42 billion to $2.3 billion in a month.
- Revealed that Dogecoin's funding rate is at 0.0035%, which is much lower than December's peak of 0.0980%.
- Reported that the decrease in open interest and low funding rate indicate bearish sentiment for Dogecoin.
Dogecoin (DOGE)'s open interest (OI) has shown a significant decline.
On the 18th (local time), CoinTelegraph reported that "Dogecoin's open interest has significantly decreased" and stated that "it has fallen from its all-time high of $5.42 billion a month ago to the current $2.3 billion." This represents a decrease of approximately 57.56% from its peak.
The report added that "Dogecoin's funding rate is also recording 0.0035%," noting that this is "much lower than the December peak of 0.0980%."
The media outlet suggested that "the decrease in OI and low funding rate indicate bearish sentiment for Dogecoin" and mentioned that "the meme coin LIBRA rug pull incident may have triggered risk-averse behavior among meme coin investors."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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