Data show that Dogecoin’s open interest has recently had a great decline. Here’s how the trend compared to Shiba Inu and other guys.
Dogecoin recently experienced a drop in open interest
In a new article on X, the Glassnode analysis company discussed the latest trend of open interest for the various same people in the cryptocurrency sector.
The “open interest” here refers to an indicator which maintains a trace of the total amount of the positions linked to an active ingredient currently opened on all the exchanges of derivatives.
First of all, here is a table that shows the trend of the 7 -day mobile average (MA) of metric for Dogecoin, the original Jeme based on memes:
As it is visible in the above graph, the 7-day MA of the open interest of Dogecoin had a value of $ 3.5 billion in December, but since then, the speculative interest around the assets A fell because it fell to only $ 1.49 billion today. This represents a decrease of approximately 58.4%.
DOGE is not the only same, which has gone through a hunt in the future during this period, however, as shown in the second table shared by the analysis firm.
According to the graph, it is obvious that Pepe (Pepe), Bonk (Bonk) and Dogwifhat (WIF) have all seen an outdoor charging time in the last two months. The decline was even more pronounced than that of Doge for all these elements, because metric has dropped by more than 69% for them.
Shiba Inu (Shib) and Floki (Floki) also followed suit, the indicator decreasing by 74% and 69% respectively.
Although speculative activity on the long-term market has taken deep diving through mecoins, it seems that the trend was different for other parts of the cryptocurrency sector.
Here is a graphic that the analytical company shared in another post X, which shows how the percentage of variation in open interest compared between the assets based on memes and three of the main parts (Bitcoin (BTC), Ethereum (ETH) and Solana (Sol)):
As displayed in the above graph, Bitcoin, Ethereum and Solana recorded a drop of 11%, 23% and 6% on the metric, respectively. Obviously, this is much lower than the crushing of 52% that the combined same market observed.
Mediating prices
Dogecoin has been locked in a lateral movement in the past two weeks, because its price is still negotiated around $ 0.25.