Dogecoin, the once-favorite humorous cryptocurrency, is currently leading a sharp decline in open interest (OI) among cryptocurrencies. According to the latest data, Dogecoin's OI has fallen by 64% since the end of March. This stands out as one of the steepest declines among cryptocurrencies. This trend is in line with the overall bearish trend among top cryptocurrencies such as XRP and Solana.

Market Sentiment Declines as Open Interest Drops

CryptoMann, a well-known crypto trader, noted that there has been a decline in investor interest and “this lack of interest is reflected in the decline in OI-future contract open positions, a vital metric for assessing market sentiment and predicting price movements.”

According to CoinGlass data, Dogecoin's OI amount is currently $668.2 million, down from its OI value on April 1. Similarly, Solana's OI dropped 47% to $1.51 billion, while XRP's OI dropped 44% to $497.67 million during the same period. Instability in the market often heralds lower OI, leaving investors uncertain about the direction of the market following the Bitcoin halving in April.

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