The memecoin frenzy has been the buzz of the crypto community this bull season. Pepe and WIF have surged into the top 20 cryptocurrencies by market capitalization within a year of their public launch.

模因幣的狂熱一直是這個牛市季節加密貨幣社群的熱門話題。 Pepe 和 WIF 在公開發行後的一年內就躍升為市值排名前 20 名的加密貨幣。

These memecoins have gained significant traction in the crypto leverage market, where traders either go short or long on their prices.

這些迷因幣在加密貨幣槓桿市場中獲得了巨大的吸引力，交易者要么做空要么做多其價格。

Four out of the top 10 cryptocurrencies by open interest (OI) are memecoins, with Pepe (PEPE) leading the charge with $812.6 million in OI and nearly half of Solana’s (SOL) $1.7 billion in OI.

以持倉量 (OI) 計算的前 10 名加密貨幣中，有 4 種是 memecoin，其中 Pepe (PEPE) 以 8.126 億美元的 OI 領先，佔 Solana (SOL) 17 億美元 OI 的近一半。

Apart from Pepe, Dogecoin (DOGE), Bonk (BONK), and Dogwifhat (WIF) also made it to the top 10. Bitcoin (BTC) is leading the chart with $11.1 billion in OI, followed by Ethereum (ETH) with $9.15 billion.

除了Pepe 之外，Dogecoin (DOGE)、Bonk (BONK) 和Dogwifhat (WIF) 也進入了前十名。美元。

Open interest chart. Source: CoinGlass

未平倉合約圖表。來源：CoinGlass

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 (NEAR) has only $230 million in OI, indicating the major difference in traders’ interest.

另一個要注意的是OI從上到下的顯著差異。比特幣的 OI 為 110 億美元，而排名第十的近協議（NEAR）的 OI 僅為 2.3 億美元，這表明交易者的興趣存在重大差異。

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.

最近 Memecoin 的 OI 上漲源於過去幾週的看漲勢頭，當時 Pepe 創下了歷史新高，而 WIF 則創下了 3.30 美元以上的多周新高。

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.

未平倉合約是指尚未結算的未決衍生性合約總額。在期貨合約中，對於每個賣方，買方都需要結算合約。

A contract is deemed “open” from the moment it is opened by the buyer or seller until it is closed by the counterparty. OI increases when new contracts are added and decreases when contracts are settled. In contrast to the trading volume, OI is continuous data.

合約從買方或賣方打開合約之日起直至交易對手關閉合約為止，均被視為「未平倉」。當新合約增加時，持倉量增加；當合約結算時，持倉量減少。與交易量相反，持倉量是連續資料。

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A growing OI indicates bullish momentum in the market as leverage traders open more contracts in anticipation of price momentum.

持倉量不斷增長表明市場看漲勢頭，槓桿交易者因預期價格走勢而開立更多合約。

Despite the surge in the prices of memecoins and the rise in OI, the funding rates remained negative for the memecoins across crypto exchanges.

儘管 memecoin 的價格飆升且 OI 上升，但整個加密貨幣交易所的 memecoin 的融資利率仍然為負。

Funding rates represent the cost of holding a position in a perpetual swap or futures contract relative to the asset’s spot price. Positive funding rates indicate a bullish market sentiment while a negative funding rate indicates a bearish sentiment.

資金費率代表相對於資產現貨價格持有永續掉期或期貨合約部位的成本。正的資金利率顯示看漲的市場情緒，而負的資金利率則顯示看跌的市場情緒。

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