TechFlow news, February 19 — According to Glassnode data, the open interest in the Meme sector has significantly contracted from its peak. The 7-day moving average of DOGE's open interest dropped from $3.58 billion on December 9, 2024, to $1.49 billion currently, a decline of 58.45%.
Other meme coins saw even steeper declines: PEPE fell by 71.93% (from $1.25 billion to $351 million), BONK decreased by 75.10% (from $715 million to $178 million), and WIF declined by 69.83% (from $653 million to $197 million).
Although SHIB and FLOKI had relatively smaller total open interest, their drops were equally significant, falling by 74.41% and 69.18% respectively, down to $83 million and $12.9 million. This trend clearly indicates a broad-based sharp correction in open interest across the Meme sector. It may signal the withdrawal of leveraged capital, as well as reflect a shift in overall market sentiment toward meme coins.
