The open interest of Dogecoin and Shiba Inu future
The open interest of Dogecoin and Shiba Inu futures has fallen sharply against the backdrop of the overall trend in the meme coin space.
According to a report by blockchain analytics firm Glassnode, the futures open interest of these assets has fallen sharply. The drop comes amid the market's ongoing price struggles, with meme coins facing a decline.
Dogecoin open interest has taken a hit
The futures open interest of Dogecoin, the largest meme coin by market capitalization, has fallen by 58.45%. The metric fell from $3.58 billion on December 9, 2024 to just $1.49 billion. Notably, the contraction in open interest indicates that traders are either exiting leveraged positions or losing confidence in speculative trading.
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