Defensively in the world of cryptocurrencies it is tricky to predict how the major cryptocurrencies by market cap will perform, and even if the smaller cap ones can show some decent performance.
For example, “The memecoin frenzy has been the buzz in the cryptocommunity this bullish season. Pepe and WIF have broken into the top 20 cryptocurrencies by market capitalization a year after their public launch.”
It is known that, “Four of the top 10 cryptocurrencies by open interest (OI) are memecoins: Pepe leads the way with USD 812.6 million in OI, and is followed by Solana with USD 1.7 billion in OI”
Namely, “The recent surge in OI for memecoins stems from their upward momentum over the past two weeks, when Pepe hit a new all-time high, while WIF hit a new multi-week high above USD 3.30”
One thing to note is that, “Despite the rise in memecoins prices and the increase in OI, funding rates remained negative for memecoins across all crypto exchanges”
SOURCES CONSULTED
Cointelegraph. Memecoins dominate crypto open interest charts taking 4 out of top 10 spots. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
