Dogecoin’s open interest saw the steepest decline among the top ten cryptocurrencies by market cap, falling 64% since the start of April.
The open interest (OI) of major cryptocurrencies including XRP (XRP), Solana (SOL), and Dogecoin (DOGE) have been wiped a combined 51% in the last month.
“Market participants are becoming disinterested, which is reflected in the drop in open interest,” crypto trader TheCryptoMann wrote in an April 30 post on X.
OI is a measure of the total value of all outstanding or unsettled crypto futures contracts across exchanges. It is a key metric traders and analysts use to assess market sentiment and anticipate future price movements.
