Dogecoin (DOGE) Derivatives Market Activity Plunges to Yearly Low
Release: 2024/07/09 05:59 Reading: 786
Dogecoin Derivatives Market Declines as Open Interest Plummets
Dogecoin's (DOGE) open interest has witnessed a significant drop to $2.51 billion, its lowest since the beginning of the year. This decline is attributed to the steady decline in DOGE's value over the past month.
Open Interest: A Measure of Market Activity
Open interest measures the number of outstanding options or futures contracts that remain unsettled. An increase in open interest indicates increased market activity, while a decrease suggests a waning interest.
Dogecoin's Dwindling Open Interest
DOGE's open interest has dropped by a staggering 80% since June 8, now standing at $2.51 billion. This marks a sharp contrast to its peak of over $10 billion just a month prior.
Causes of the Decline
The decline in open interest is primarily due to the steady decrease in DOGE's value. Over the past month, DOGE's price has fallen by 30%, causing many futures traders to demand short positions.
Chaikin Money Flow Indicator
Despite the decline in value, DOGE's Chaikin Money Flow (CMF) indicator has maintained an uptrend. The CMF measures the balance between inflows and outflows of capital and indicates a potential trend reversal in the future.
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