Meme coin market capitalization climbs above $136 billion
The market capitalization of the meme coin sector climbed 7% in the past 24 hours, as top meme tokens added to their value and recovered from setbacks earlier this week. The market cap has crossed $136 billion according to CoinGecko data.
Dogecoin (DOGE) advanced slightly on Thursday and is trading around the $0.41500 level, nearly 14% below its 2024 peak of $0.48434.
One of the key drivers of Dogecoin’s recovery this week has been the liquidation of over-leveraged trades across derivatives exchanges. Coinglass data shows derivatives trade volume declined by 34% in the past 24 hours. In the same period, Open Interest (OI), or the value of open derivatives contracts across exchanges, climbed nearly 5%.
The Long-to-short ratio, a metric that measures the balance of long (buy) and short (sell) positions, reads over 4 across derivatives exchanges like Binance and OKX. The ratio is well above 1, meaning most traders are in long positions as the market sentiment is positive.
The average Long-to-short ratio is 0.9573, however, across exchanges derivatives traders are bullish on DOGE
Shiba Inu (SHIB) and Pepe also recorded a spike in open interest on Thursday. SHIB open interest climbed slightly, by less than 0.5% and 1000PEPE (a financial derivative derived from PEPE/USD x 1000 Index price) recorded a 3.22% increase in OI.