Dogecoin Open Interest Crashes 58%: What It Means for Meme Coin Momentum
February 21, 2025
Dogecoin just took a serious hit — and it’s not alone.
According to fresh data from Glassnode, speculative appetite for meme coins is drying up fast. Dogecoin's open interest — a key metric measuring the total value of outstanding futures contracts — has plunged 58.4%, collapsing from $3.5 billion in December to just $1.49 billion today.
That’s a sharp reversal for an asset that once led the charge in meme-driven rallies.
The Meme Coin Market Is Losing Steam
Dogecoin’s decline is significant — but it’s not the worst. Other meme favorites like Pepe (PEPE), Bonk (BONK), and dogwifhat (WIF) have seen their open interest nosedive more than 69%. And heavy-hitters like Shiba Inu (SHIB) and Floki (FLOKI) haven’t been spared either, with SHIB dropping 74% and FLOKI matching the 69% decline.
This widespread drop suggests that meme coin traders are scaling back fast — either locking in profits or stepping to the sidelines amid increased volatility.
Meanwhile, Bitcoin, Ethereum, and Solana Stay Steady
While the meme coin sector has shed more than half of its speculative positioning, the blue-chip cryptos are holding relatively firm. Bitcoin’s open interest is down just 11%, Ethereum 23%, and Solana a mere 6% — a stark contrast to the 52% average collapse across the meme coin space.
This divergence signals a major shift in sentiment: institutional and retail capital appears to be rotating away from riskier assets and into the relative stability of established players like BTC, ETH, and SOL.
DOGE Price Holds — But for How Long?
Despite the drop in open interest, Dogecoin’s price has remained largely flat, consolidating around $0.25. This tight range could suggest that the market is still undecided — or bracing for its next big move.
With volatility cooling and speculative money fleeing the meme coin arena, one thing is clear: the era of easy gains in memes may be slowing, at least for now.
The question is — who’s accumulating in silence while the rest of the market blinks?
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