Dogecoin Open Interest Falls By $1.7 Billion as Original Meme Coin Sinks
The post Dogecoin Open Interest Falls By $1.7 Billion as Original Meme Coin Sinks appeared on BitcoinEthereumNews.com.
Bad news for Dogecoin investors: The coin is one of the worst performers over the past week near the top of the crypto charts—and the amount of money being bet on the asset’s future price is dwindling. Data from CoinGlass shows that open interest on the original meme coin now stands at nearly $3.8 billion. It hit a record high of $5.5 billion on January 17. Open interest refers to the collective value of futures contracts that have not yet been settled by traders. And the price of Dogecoin now now stands at just over $0.32 per coin, after a 24-hour dip of nearly 4%, CoinGecko shows. Over the past week, it’s dropped in price by nearly 16%—making it the second-biggest loser out of the top 20 coins and tokens, losing out only to Sui. Crypto markets took a hit yesterday when investors sold tech stocks en masse due to hysteria over the rise of Chinese AI model DeepSeek. Digital coins and tokens have been moving in line with the Nasdaq recently. Despite Bitcoin recovering somewhat, the most volatile of the digital asset space is still suffering—and meme coins like Dogecoin are struggling big time. Other meme tokens are also dropping hard over a seven-day period. President Donald Trump’s TRUMP, which runs on Solana’s chain, has dipped by over 37% and is now priced at $27. Meanwhile, Bonk—another leading Solana meme token—has dropped by over 30% over the same period, reminding meme coin holders how quickly monstrous gains can be swapped for precipitous plunges. Edited by Andrew Hayward Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Source: https://decrypt.co/303202/dogecoin-open-interest-falls-1-7-billion
Filed under: News - @ January 28, 2025 11:20 pm