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Glassnode: The scale of open contracts in the Meme sector has significantly shrunk, with DOGE's 7-day average drop reaching 58.45%

Glassnode: The scale of open contracts in the Meme sector has significantly shrunk, with DOGE's 7-day average drop reaching 58.45%

Bitget2025/02/19 12:30

According to a message from ChainCatcher, data from Glassnode shows that the scale of open contracts in the Meme sector has significantly shrunk since its peak. The 7-day moving average of DOGE's open contracts fell from $35.8 billion on December 9, 2024, to the current $14.9 billion, a decrease of 58.45%.

The decline in other Meme coins is even greater, with PEPE falling by 71.93% (from $1.25 billion to $351 million), BONK falling by 75.10% (from $715 million to $178 million), and WIF falling by 69.83% (from $653 million to $197 million).

Although SHIB and FLOKI have smaller overall scales of open contracts, their declines are also significant, dropping by 74.41% and 69.18%, respectively, down to $83 million and $12.9 million.

This trend clearly indicates that there has been a substantial pullback in the open contracts across the Meme sector which could mean an exit of leveraged funds while also reflecting a shift in overall market sentiment within the Meme sector.

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