Dogecoin Open Interest Plunges 58%: How Do Shiba Inu & Pepe Compare?

Data shows the Dogecoin Open Interest has seen a large drop recently. Here's how the trend has compared for Shiba Inu and other memecoins.

Data from the analytics firm Glassnode shows that the Dogecoin Open Interest has seen a large drop recently.

The firm's latest post on X discusses the latest trends in Open Interest for various memecoins in the crypto space.

Open Interest is an indicator that tracks the total amount of positions related to a given asset currently open on all derivatives exchanges.

A new chart from the firm shows the trend in the 7-day moving average (MA) of the metric for Dogecoin, the original meme-based token.

The 7-day MA of the Dogecoin Open Interest was valued at $3.5 billion in December, but this speculative interest has since plunged to just $1.49 billion today. This marks a decrease of around 58.4%.

DOGE isn't the only memecoin that has gone through a futures flush in this period, however.

A second chart shared by Glassnode shows how the Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) have also seen a cooldown in Open Interest over the last couple of months.

The decline in this metric has been even more drastic for these assets than it has been for DOGE, with the indicator decreasing by more than 69% for all of them.

Shiba Inu (SHIB) and Floki (FLOKI) have also followed this trend, with the indicator decreasing by 74% and 69%, respectively.

While speculative activity on the futures market has taken a deep dive across the memecoins, the trend appears to be different for other parts of the crypto space.

In another X post, Glassnode shared a chart showing how the percentage change in Open Interest compares between meme-based assets and three of the top coins (Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)).

The chart shows that Bitcoin, Ethereum, and Solana have seen a decrease of 11%, 23%, and 6% on the metric, respectively. This is significantly less than the 52% crash that the memecoin market combined has observed.

DOGE Price

Dogecoin has been largely trading sideways over the last few weeks, with its price still hovering around the $0.25 level.