Funding Rate Plunges
Dogecoin’s open interest-weighted funding rate has nosedived by 50% in the past 24 hours. This suggests a shift towards bearish sentiment among investors. As the price of Dogecoin climbed, the funding rate rose, indicating bullishness. However, as the price has retreated, the funding rate has plummeted, showing a bearish reversal.
Open Interest Declines
Along with the funding rate, Dogecoin’s open interest has also taken a hit. It had recovered to almost $1 billion but has now dropped back to $900 million. The largest decline in open interest came from Kraken, with a 35.94% loss. Other exchanges also saw varying decreases.
Price Impact
Dogecoin’s price has been trending downward, currently sitting at $0.1587. The decline in funding rate and open interest is a contributing factor to this price drop.
Note: Kabosu, the Shiba Inu dog featured in the Dogecoin logo, recently passed away./p>
