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.

BREAKING NEWS

UK FCA to Lift Retail Ban on Crypto ETNs Next Week — What Bitcoin Investors Should Know

The UK Financial Conduct Authority (FCA) has announced it...

Bitcoin Liquidation Alert: Coinglass Shows $898M Shorts at $124K and $1.106B Longs at $121K on Major CEXs

COINOTAG reported on October 4 that, per Coinglass data,...

$LYN listed on Binance alpha and futures

$LYN listed on Binance alpha and futures

US Bitcoin Spot ETFs Record $985M Net Inflow — BlackRock IBIT Tops with $7.916B

Farside Investors reported that yesterday's net inflow into US...

Ethereum Draws $2.335B Net Inflow into US Spot ETFs — BlackRock ETHA Leads with $2.067B

According to Farside Investors monitoring, yesterday's net inflow into...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img