Dogecoin (DOGE) has experienced a surge in open interest as its price climbs, with a 20.07% increase in open interest within the past 24 hours, according to CoinGlass data. This uptick translates to $2.4 billion, or roughly 8.28 billion DOGE, committed by futures traders.
Major Platforms Lead in Open Interest
The bulk of Dogecoin’s open interest is spread across major crypto trading platforms Binance, Bybit, and OKX, accounting for over 6.6 billion DOGE. Binance holds the highest portion, with 3.07 billion DOGE valued at $889.13 million. Bybit follows with 2.42 billion DOGE worth $699.87 million, and OKX holds 1.18 billion DOGE, valued at $342.11 million. This distribution suggests strong investor confidence in both Dogecoin and the exchanges handling it.
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The 20% increase in open interest, combined with DOGE’s price performance, indicates fresh capital inflow. The high liquidity of DOGE suggests that traders can enter and exit positions with minimal impact on price volatility. Open interest acts as a key indicator for investors and traders, enabling them to track market trends quickly and make timely decisions.
Broad Market Bullishness Boosts Dogecoin
This bullish momentum extends beyond Dogecoin, reflecting a broader rally in the cryptocurrency market. Bitcoin, for instance, recently hit several new all-time highs. This positive trend in the market has added to the enthusiasm for Dogecoin, lifting it alongside other top digital assets.
Related article: Dogecoin’s Price Outlook: Will It Break Through the $0.15 Barrier?
Currently, DOGE has jumped 21.39% to trade at $0.2933. Trading volume has also surged, rising 189.37% to $18.98 billion, highlighting an influx of investor interest. In terms of market capitalization, DOGE recently overtook XRP and USDC, moving from eighth to sixth place.
This shift underscores growing investor confidence in Dogecoin as the leading meme coin.
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