Open Interest refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract.
These memecoins have gained significant traction in the crypto leverage market, where traders either go short or long on their prices.Another thing to note is the significant difference in OI from top to bottom. Bitcoin's OI is $11 billion, while the tenth-placed Near Protocol (The recent rise in OI for memecoins comes from its bullish momentum over the past couple of weeks when Pepe hit a new all-time high while WIF reached a new multi-week high above $3.30.
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