Glassnode: The open interest in the meme sector has significantly shrunk, with the 7-day average of DOGE dropping by 58.45%

According to ChainCatcher news and Glassnode data, the open interest in the Meme sector has significantly shrunk since its peak. The 7-day moving average of DOGE open interest has dropped from $3.58 billion on December 9, 2024, to the current $1.49 billion, a decrease of 58.45%.

Other Meme coins have seen even larger declines, with PEPE down 71.93% (from $1.25 billion to $351 million), BONK down 75.10% (from $715 million to $178 million), and WIF down 69.83% (from $653 million to $197 million).

Although SHIB and FLOKI have relatively smaller open interest, their declines are also significant, falling 74.41% and 69.18% respectively, down to $83 million and $12.9 million. This trend clearly indicates a substantial correction in the open interest of the Meme sector. This may suggest an exit of leveraged funds and also reflects a shift in overall market sentiment in the Meme sector.