Shiba Inu (SHIB) and Dogecoin (DOGE) Surge into Top 10: Hundreds of Millions in Positions Opened

• Memecoins are dominating the open positions in the derivatives market for Bitcoin and altcoins.
• Unlike many other cryptocurrencies, memecoins have gained value on a weekly basis.
• According to CoinGecko, Dogecoin (DOGE) increased by 1.1%, Shiba Inu (SHIB) by 1.9%, Pepe (PEPE) by 48.3%, and Dogewifhat (WIF) by 28%.

Discover how memecoins are taking over the crypto derivatives market, with significant gains and increased open positions.

Memecoins Surge in Value and Open Positions

Memecoins have shown remarkable performance in the crypto market, with significant weekly gains. According to CoinGecko, Dogecoin (DOGE) increased by 1.1%, Shiba Inu (SHIB) by 1.9%, Pepe (PEPE) by 48.3%, and Dogewifhat (WIF) by 28%. Additionally, Floki (FLOKI) and Bonk (BONK) from the Ethereum and Solana ecosystems saw gains of 43% and 28.2%, respectively.

Open Positions in the Derivatives Market

Data from CoinGlass reveals that memecoins have secured positions in the top 10 based on the value of open positions after price increases. Bitcoin leads with $11.1 billion, followed by Ethereum with $9.1 billion, and Solana with $1.78 billion. Memecoins like PEPE, DOGE, and BONK follow closely behind.

Open positions in the derivatives market are considered open until they are closed by the counterparty. For PEPE, the value of open positions stands at $812.6 million, for DOGE at $697 million, and for BONK at $449 million. WIF, which recently hit a price record, also made the list with $349 million in open positions.

Conclusion

Memecoins are increasingly becoming significant players in the crypto derivatives market, with notable gains and substantial open positions. As these coins continue to attract attention and investment, their influence on the broader crypto market is likely to grow. Investors should keep an eye on these developments to stay informed and make strategic decisions.