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Data shows that Dogecoin currently leads the top cryptocurrencies in terms of funding rates, which suggests a high long-term positioning rate for traders.

Dogecoin funding rate is currently 0.0092%

In a new post on X, analytics firm GlassNode discusses how top cryptocurrencies in the industry compare funding rates to each other.

Funding rate refers to an indicator that tracks the average cyclical expenses of permanent futures traders for a given asset and exchanges with each other on a centralized derivatives platform.

When the value of the indicator is positive, this means that long-term investors are paying a premium to short-term investors to maintain their position. This trend shows that most investors have a bullish mentality.

On the other hand, the indicator is below zero trademarks, which indicates that short investors are greater than long-term investors. This trend means bearish sentiment dominates the industry.

Now, here is the table shared by GlassNode, which shows the top cryptocurrencies by municipal caps at current funding rates:

The value of the metric seems to be the highest for Dogecoin at the moment | Source: Glassnode on X

As mentioned above, the funding rates for Bitcoin (BTC) and Ethereum (ETH) are currently positive. According to the analytics firm, it was a rebound compared to yesterday, when traders’ sentiment was bearish.

The indicator of BTC is 0.0049%, and the ETH is 0.0062%. XRP (XRP) is the fourth largest coin on the market cap and has similar bullish sentiment, with an indicator of 0.006%.

However, the coin that stands out with emotion is Memecoin Dogecoin, as its funding rate is 0.0092%, especially higher than any other cryptocurrency

Then there is TRON (TRX) in the relative aspect of the spectrum, and the bear pays for a price of -0.0087%. Solana (Sol) is exactly in between, with a neutral financing rate of 0.0012%.

In general, in large-scale liquidation events, the party that dominates the funding rate is more likely to be wrapped up. So for an asset like Dogecoin, bullish sentiment seems strong relative to other sectors of the industry, and aspirations are at risk of being squeezed.

In the same table, data for some other metrics are also displayed. Among them, it is interesting that it may be profit supply, measuring the percentage of assets currently held with unrealized income.

While coins like Bitcoin, Tron and BNB have more than 90% supply in green, other coins like Dogecoin and Solana have a 50% metric.

Door price

At the time of writing, Dogecoin’s trade was around $0.1666, down more than 15% from last week.

Looks like the price of the coin has been sliding down | Source: DOGEUSDT on TradingView

Dall-E, Featured Images of GlassNode.com, Charts of TradingView.com

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