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Dogecoin Opening Interest Rate Decreases by 58%: What Makes Shiba Inu and Pepe Different?
The data shows that Dogecoin Open Interest has recently decreased significantly. Here is the comparison trend between Shiba Inu and other memecoins. Dogecoin has witnessed a recent decline in open interest rates In a recent post on X, Glassnode analytics company discussed the latest trends in open interest rates for various types of memecoins in the cryptocurrency space. "Open interest" here refers to an indicator tracking the total number of positions related to a specific asset currently open on all derivatives exchanges. First, this is a chart showing the trend of the (MA) 7-day moving average of Dogecoin, a meme-based original token:
As can be seen in the chart, Dogecoin's 7-day MA Open Interest was valued at $3.5 billion in December, but since then, speculative interest around this asset has plummeted to only $1.49 billion today. This represents a decrease of about 58.4%. However, DOGE is not the only memecoin experiencing a future price surge in this period, as shown in the second chart shared by the analysis company.
From the chart, it is clear that Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) have all witnessed a cooling off in the open interest over the past few months. The decline is even more pronounced than DOGE for all these coins, as the figures have dropped by over 69% for them. Shiba Inu (SHIB) and Floki (FLOKI) are also following suit, with declines of 74% and 69% respectively.
While speculation in the futures market has deeply affected memecoins, it seems that the trend is different for other parts of the cryptocurrency sector. Below is the chart that the analysis company shared in another post by X, this chart shows the percentage change in Open Interest compared across meme-based assets and the top three cryptocurrencies Bitcoin BTC, Ethereum ETH, and Solana SOL.
As shown in the chart, Bitcoin, Ethereum, and Solana have recorded decreases of 11%, 23%, and 6% respectively. Clearly, these figures are significantly lower than the 52% decline witnessed by the memecoin market as a whole.
- Intraday price Fluctuation: According to the afternoon report on February 21, PEPE was reported at $0.00000964 per piece, down -3.02%; The evening newspaper showed that the price reached $0.0000096 per piece, an increase of 3.00% during the day.
- Price situation in the past month: According to the news on February 12, PEPE has dumped 41% in the past month, but at the time of writing, PEPE is trading at $0.00001027, a 7.81% pump in the past 24 hours.
- Price situation in recent months: PEPE began to decline after reaching a peak of $0.00002836 in December 2024, and is currently down more than 60% from its peak, and has been in a "lower low" trend since its peak, consolidating between $0.00000860 and $0.00000980.