GameStop

Memecoin

dogwifhat

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s open interest has risen to over $1.5 billion, despite a decrease in price.</li>
 <li>The market capitalization of memecoins has fallen by over 6% in the past 24 hours.</li>
</ul>
<p>Despite a slight dip in the crypto market, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>‘s open interest has surged past $1.5 billion. This situation is causing some apprehension among cryptocurrency analysts.</p>
<p>Decentrader’s founder expressed concern about the high-risk situation with the price remaining stagnant while open interest increased by $1.5 billion. He noted that such a situation hasn’t been seen in a while.</p>
<h2 id="rise-in-open-interest">Rise in Open Interest</h2>
<p>According to another post by Byzantine General, open interest is quickly rising again. This is almost back to the previous level which resulted in a sudden drop. Bitcoin’s price has taken a hit in early trading on Tuesday. The digital asset’s price fell around 3.2% and was valued at $67,18.</p>
<h2 id="memecoin-market-underperforms">Memecoin Market Underperforms</h2>
<p>The market capitalization of memecoins has seen a decrease of over 6% in the past 24 hours. This is underperforming compared to the broader cryptocurrency market, which saw a 2% decline in the same period.</p>
<p>The top five memecoins in the CoinGecko memecoin category account for about 77% of the total memecoin market cap of over $59 billion. All of these top five memecoins decreased in value in the past 24 hours. The most significant drop was for floki, which fell 8% in the past day.</p>
<p>Other top five memecoins such as dogecoin, pepe, shiba inu and dogwifhat decreased by 2.7%, 3.6%, 3.3% and 4%, respectively. Tokens inspired by GameStop, like KITTY and ROAR, experienced double-digit losses, coinciding with the decline in GameStop shares.</p>
<p>Last week, “Roaring Kitty,” also known as Keith Gill, disclosed a $580 million position in GME equity and options, initially boosting the stock’s price. However, these gains were wiped out after GameStop announced plans to sell up to 75 million shares.</p>

Bitcoin Holds Strong Despite Slight Crypto Market Wobble: An Analysis of Open Interest

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