Memecoins dominate crypto open interest charts taking 4 out of top 10 spots
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The memecoin frenzy has been the buzz of the crypto community this bull season. Pepe and WIF have surged into the top 20 cryptocurrencies by market capitalization within a year of their public launch.
These memecoins have gained significant traction in the crypto leverage market, where traders either go short or long on their prices.
Four out of the top 10 cryptocurrencies by open interest (OI) are memecoins, with Pepe (PEPE) leading the charge with $812.6 million in OI and nearly half of Solana’s (SOL) $1.7 billion in OI.
Apart from Pepe, Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF) also made it to the top 10. Bitcoin (BTC) is leading the chart with $11.1 billion in OI, followed by Ethereum (ETH) with $9.15 billion.
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