Meme Coins Dominate Open Interest, Signaling Growing Bullish Momentum
CryptoNewsTerminal Staff28 May, 2024
Meme Coins Dominate Open Interest, Signaling Growing Bullish Momentum
Four of the top 10 cryptocurrencies with the highest open interest are meme coins, according to a recent analysis by Cointelegraph citing data from Coinglass. Open interest refers to the total number of outstanding contracts for a particular futures contract and is a key indicator of market sentiment and trading activity. The rise in open interest for meme coins signals a growing bullish momentum for these assets, which are often seen as speculative investments. PEPE, the popular meme coin featuring the frog character, has seen its open interest climb to $12.6 million, roughly half of that of the established cryptocurrency Solana (SOL). Other meme coins that have made it to the top 10 include DOGE, BONK, and WIF. The recent surge in open interest for meme coins is a reflection of the broader bullish momentum for these assets. PEPE recently hit a record high, while WIF has also registered impressive gains. This trend suggests that investors are increasingly viewing meme coins as potential investment opportunities, despite their inherent volatility and speculative nature.
