Memecoins dominate crypto open interest charts taking 4 out of top 10 spots
Release: 2024/05/28 17:19 Reading: 943
The memecoin frenzy has been the buzz of the crypto community this bull season. Pepe and WIF have surged into the top 20 cryptocurrencies by market capitalization within a year of their public launch.
These memecoins have gained significant traction in the crypto leverage market, where traders either go short or long on their prices.
Four out of the top 10 cryptocurrencies by open interest (OI) are memecoins, with Pepe (PEPE) leading the charge with $812.6 million in OI and nearly half of Solana’s (SOL) $1.7 billion in OI.
Apart from Pepe, Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF) also made it to the top 10. Bitcoin (BTC) is leading the chart with $11.1 billion in OI, followed by Ethereum (ETH) with $9.15 billion.
Open interest chart. Source: CoinGlass
Another thing to note is the significant difference in OI from top to bottom. Bitcoin's OI is $11 billion, while the tenth-placed Near Protocol (NEAR) has only $230 million in OI, indicating the major difference in traders’ interest.
The recent rise in OI for memecoins comes from its bullish momentum over the past couple of weeks when Pepe hit a new all-time high while WIF reached a new multi-week high above $3.30.
Open Interest refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract.
A contract is deemed “open” from the moment it is opened by the buyer or seller until it is closed by the counterparty. OI increases when new contracts are added and decreases when contracts are settled. In contrast to the trading volume, OI is continuous data.
Related: 3 tips for protecting Bitcoin profits amid Ethereum ETF mania
A growing OI indicates bullish momentum in the market as leverage traders open more contracts in anticipation of price momentum.
Despite the surge in the prices of memecoins and the rise in OI, the funding rates remained negative for the memecoins across crypto exchanges.
Funding rates represent the cost of holding a position in a perpetual swap or futures contract relative to the asset’s spot price. Positive funding rates indicate a bullish market sentiment while a negative funding rate indicates a bearish sentiment.
Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis
Recent news
More>- PEPE Now Available for New York Users to Trade on Coinbase 11-28
- Tether Discontinues Support for EURT Stablecoin: Here’s Why 11-28
- Best Trending Meme Coins in December 2024: 6.5 Billion Coins Sold in BTFD Coin’s Ongoing Presale, Pepe Coin and Ponke on the Rise 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- As Top Cryptos Recover After Recent Dip, New Meme Coin Pepe Unchained’s Unstoppable Presale Powers Ahead — Only 16 Days Left 11-28
- Missed PEPE? Don’t Miss Out on This New Token That’s Breaking Records at Lightning Speed 11-28
- CHILLGUY meme coin could be at risk as smart money sells 11-28
- Top Trending Meme Coins to Buy in 2025: BTFD Coin Presale Raises Over $150,000 in Less Than 24 Hours Since Going Live, Dogecoin and Dogs Gro... 11-28
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com