Editor's PiCK
Meme Coin Open Interest Significantly Decreases... "Indicates Change in Investment Sentiment"
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Summary
- Meme coin perpetual futures open interest (OI) has significantly decreased.
- Notably, Dogecoin (DOGE)'s OI has fallen by 58% from $3.58 billion to $1.49 billion.
- This indicates a change in market investment sentiment towards the meme coin sector.
Meme coin perpetual futures open interest (OI) has shown a significant decrease.
On the 19th (local time), Glassnode reported through X that "meme coin open interest has fallen significantly," stating that "Dogecoin (DOGE)'s OI has dropped approximately 58%, from $3.58 billion as of December 9th last year to currently $1.49 billion."
Other meme coins showed similar trends. According to Glassnode data, Pepe (PEPE)'s OI decreased by 71.93% during the same period. Bonk (BONK) and Dog With Hat (WIF) OI decreased by 75.1% and 69.83% respectively. Shiba Inu (SHIB) and FLOKI (FLOKI) OI also fell by 74.41% and 69.18% respectively.
Glassnode added that "the decrease in meme coin OI demonstrates a change in market sentiment towards the meme coin sector."
