Is The ‘Meme-Pocalypse’ Here? Dogecoin, Shiba Inu, Pepe, Bonk Open Interest Craters Over 50%
Open interest in meme coin futures has significantly decreased as prices have dropped, sparking a debate about the sector’s future.
What Happened: In a post on X on Feb 19, Glassnode data shows the decrease, with Dogecoin (CRYPTO: DOGE) open interest down by 58.45%, falling from $3.58 billion on Dec. 9, 2024 to $1.49 billion recently.
Other meme coins experienced even steeper drops, with Pepe (CRYPTO: PEPE) open interest down by 71.93% ($1.25 billion to $351 million), Bonk (CRYPTO: BONK) down 75.10% ($715 million to $178 million), and Dogwifhat (CRYPTO: WIF) down 69.83% ($653 million to $197 million).
Shiba Inu (CRYPTO: SHIB) and Floki (CRYPTO: FLOKI), while smaller in total OI, also faced sharp declines of 74.41% and 69.18%, respectively.
This widespread contraction in OI suggests a major flush of leverage from the market but could also indicate shifting sentiment within the meme coin sector.
Also Read: Solana Meme Coin Ecosystem Under Fire: Galaxy Research Cites LIBRA Rug Pull As Major Blow
Why It Matters: The decline in open interest coincides with falling prices, with meme coins losing between 45% and 83% since December.
Dogwifhat suffered the steepest decline, while Dogecoin has held up the best.
CrediBULL Crypto in a post on X on Wednesday called this a “meme-pocalypse”, suggesting that while meme coins took a hit, it could be a reset rather than a total collapse.
Coingecko data confirms that the entire meme coin sector has undergone a significant valuation drawdown over the past three months.
Source: Coingecko
Read Next:
Image: Shutterstock
