AltcoinYearly Low Reached as Dogecoin DOGE Derivatives Market Activity Takes a Dive

Yearly Low Reached as Dogecoin DOGE Derivatives Market Activity Takes a Dive

Date:

Dogecoin’s total open interest has reached its lowest level since the beginning of the year, plummeting to $2.51 billion. This decline can be attributed to the steady decrease in DOGE’s value over the past month.

The decline in open interest signifies a significant decrease in the number of outstanding options or futures contracts that are yet to be settled or closed. It indicates a decrease in market activity and interest. In contrast, an increase in open interest suggests growing interest and activity in the market.

Currently, DOGE’s open interest stands at $2.51 billion, marking a decline of 80% since June 8. Just a month ago, the meme coin’s open interest exceeded $10 billion.

The sharp decline in Dogecoin’s derivatives market activity can be attributed to the consistent decrease in its value during this period. The cryptocurrency is currently trading at $0.10, experiencing a notable 30% drop in price over the past month.

The decline in value even led many futures traders to demand short positions on July 6. This was evident from the negative funding rate (-0.026%) on that day.

Despite the decrease in DOGE’s value, its Chaikin Money Flow (CMF) indicator has maintained an uptrend. The CMF is currently positioned above the zero line at 0.03, indicating an upward trend.

Overall, Dogecoin’s derivatives market activity has significantly declined due to its decreasing value. However, the CMF indicator suggests that there is still some positive momentum in the market.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Hot News

Related
Related

SatoshiGamblers Unveils Review Portal for No-Promotion Crypto Casinos

Hamchako, Anjouan, June 16th, 2025, Chainwire A new platform is making waves in the crypto gambli...

CoinEx P2P Trading: A Secure, Fee-Free Portal for Crypto-Fiat Exchange

In today’s fast-evolving crypto economy, users are increasingly looking for secure, fast, and flex...

As Hedera Stabilizes and NEAR Rises, Is Qubetics Poised to Dominate the Crypto Top Gainers in Q2 2025?

The crypto market is entering a high-volatility phase, and a new wave of crypto top gainers is emerg...

Solana (SOL) Rises to $156 with a 6% Increase: Will This Bullish Momentum Propel It Further?

Solana is trading at $156 after a 6% jump.SOL’s daily trading volume has surged by over 97%.The ma...