Traders Ditch Bitcoin For Memecoins
Bitcoin’s price has been steadily rising since May 23rd, with traders shifting their focus to memecoins, particularly legacy memes like Dogecoin.
Singapore-based crypto-trading firm QCP Capital reports that traders are shifting their focus to higher beta meme tokens like Shiba Inu, Dogecoin, and Pepe, which have seen double-digit gains and are in the top 10 for Open Interest.
Pepe and Floki have recorded upswings in open interest rates in the past 24 hours, but Dogecoin’s Open Interest (OI) is still negative, down about 5%, which could delay a strong short-term recovery for DOGE.
DOGE’s OI has been trending lower since May 27th, dropping below $900 million, indicating bearish sentiment on its price prospects.
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