Memecoins Entered the Top 10: Hundreds of Millions of Dollars of Positions Opened

Memecoins dominate open positions in derivatives markets for Bitcoin and altcoins.

Memecoins, unlike many other cryptocurrencies, gained in value on a weekly basis. According to CoinGecko, Dogecoin (DOGE) appreciated by 1.1%, Shiba Inu (SHIB) by 1.9%, Pepe (PEPE) by 48.3%, and dogwifhat (WIF) by 28%.

Floki (FLOKI) and Bonk (BONK) in the Ethereum and Solana ecosystems gained 43% and 28.2% in value in the same period.

According to CoinGlass data, memecoins found a place in the top 10 in terms of the value of open positions after the prices rose.

The top three were Bitcoin with $11.1 billion, Ethereum with $9.1 billion and Solana with $1.78 billion, followed by PEPE, DOGE and BONK.

Positions in the derivative markets are considered open from the moment they are opened by the buyer or seller until they are closed by the counterparty.

The value of open positions was 812.6 million dollars for PEPE, 697 million dollars for DOGE, and 449 million dollars for BONK. WIF, which recently broke the price record with $349 million, is also on the list.