Open interest in Currency future Has considerably decreased as prices have dropped, triggering a debate on the future of the sector.
What happened: In a post on X On February 19, Glassnod data showed the decrease, with Mastiff DOGE / USD Open interest of 58.45%, from $ 3.58 billion on December 9, 2024 to $ 1.49 billion recently.
Other coins have experienced even steeway drops, with Pepper PEPE / USD Open interest of 71.93% ($ 1.25 billion to $ 351 million), Flag BONK / USD Down 75.10% ($ 715 million to $ 178 million) and Dogwifhat WIF / USD Down 69.83% ($ 653 million to $ 197 million).
Shiba Inu SHIB / USD And Floki Floki / USDAlthough smaller in total OI, also faced large drops of 74.41% and 69.18%, respectively.
This widespread contraction in the OI suggests a large one a large one one unnassed lever of the market, but could also indicate a feeling of change in the meter parts sector.
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Why it matters: The drop in open interest coincides with the drop in prices, the parts even losing between 45% and 83% since December.
Dogwifhat suffered the steepest decline, while Dogecoin resisted the best.
Credibull crypto in an article on X On Wednesday, called this a “memete-pop”, suggesting that even if the coins have taken a hit, it could be reset rather than a total collapse.
The Coingecko data confirm that the entire part of the part of the same has undergone a significant assessment of evaluation in the last three months.
Source: Coingecko
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