Meme Coin Kicks Off Open Interest: 4 of the Top 10 Cryptos are Meme Coins

Bittime - The cryptocurrency market is again enlivened by interesting findings. Data shared by Zaheer Ebtikar, co-founder of Split Capital, reveals the surprising power of meme coins. According to the report, four of the top ten cryptocurrencies based on open interest are meme coins.

Get to know Open Interest

Before discussing further, it is important to understand the term open interest . This term refers to the total value of derivative contracts that have not yet been closed. A derivative contract is a type of financial contract whose value is derived from another asset, such as cryptocurrency. 

The amount of open interest shows the level of speculation and trading activity for a particular asset. The higher the open interest , the greater the trading and speculation activity that occurs around the asset.

Check Today's Crypto Market:

Meme Coin Dominates Top Rank

Four of the top ten crypto assets by open interest are meme coins. Meme coin itself is a crypto token inspired by popular internet memes. Some examples of meme coins mentioned in the report are PEPE, DOGE, BONK, and WIF.

Source:@SplitCapital/X

PEPE the Leader: Beyond Open Interest SOL

Among the four meme coins, PEPE occupies the top position with fantastic open interest , namely US$812.6 million. This figure even exceeds Solana (SOL) open interest which is at US$1.78 billion. 

PEPE's dominance in open interest is a particular highlight, considering SOL's established popularity in the crypto market.

Also Read How To Buy Crypto:

Conclusion: Meme Coin Popularity and Speculation

This data highlights the continued popularity and speculation surrounding meme coins. Although often considered to have no intrinsic value, meme coins still seem to attract substantial interest from traders. Their dominance in open interest is clear evidence of high trading activity and massive speculation.

Check Crypto Prices Today:

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read also:

PEPE Doesn't Participate in Corrections! This is a factor analysis of PEPE price increases

These 3 Memecoins Are Ready to Soar! PawFury (PAW), Shiba Inu (SHIB), and Pepe (PEPE)

FLOKI Surpasses SUI, Reaches 54th Position in Crypto Market Capitalization!

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.