Memecoins are having a moment!
4 out of the top 10 cryptocurrencies by open interest (OI) are memecoins, with
Pepe ($PEPE ) leading the charge. This indicates a lot of trading activity focused on memecoins, with traders betting on their prices going up (long) or down (short).
Bitcoin and Ethereum remain on top in terms of OI, but memecoins like $DOGE and $WIF are making their presence felt. The high OI for memecoins reflect their recent price gains, but negative funding rates suggest some wariness from traders despite the hype.