Shiba Inu, Dogecoin's open interest rates stumble over 50%; is it game over for meme coins?

The way ahead for meme coins may be in doubt after open interest (OI) futures on the cryptocurrencies dropped significantly due to reduction in prices. Among the meme coins whose future open interest rate has come down significantly is Dogecoin, which has seen its value decrease over 58 percent recently. Billionaire Elon Musk had also expressed his support for dogecoin once upon a time. Open interest on meme coins fallsIn a post on X, Glassnode revealed that Dogecoin’s seven-day moving average OI slid 58.45 percent from $3.58 billion on December 9 to $1.49 billion cryptocurrencies fared similarly or experienced sharper decline. Shiba Inu’s OI tumbled 74.41 percent while open interest on Floki slid 69.18 ’s open interest recorded a fall of 71.93 percent. Bonk’s OI fell 75.10 percent. Meme coin Dogwifhat also saw its open interest fall 69.83% percent.