Dogecoin Open Interest Soars to Record Highs, Signaling Resurgence in Crypto Trading
Emily HarrisDogecoin incoming rally has major correlation with open interest as metric is now soaring[...]
Dogecoin Sees Surge in Open Interest, Signaling Growing Investor Confidence
According to data from CoinGlass, Dogecoin has recorded a staggering 10.79 billion DOGE in open interest over the last 24 hours. Open interest refers to the total value of active futures contracts that investors have committed to Dogecoin, which remains unsettled.
The estimated fiat value of this massive DOGE volume is around $2.11 billion, representing a 1.78% increase in the last 24 hours of trading. This surge in open interest suggests increased interest from Dogecoin holders as they anticipate a bullish run for the meme coin.
At the time of writing, the Dogecoin price stands at $0.1955, reflecting a 2.88% increase in the last 24 hours. The trading volume has also spiked by 11.44% to $1.08 billion, indicating a rise in investor activity.
According to CoinGlass data, the majority of traders betting on Dogecoin's continued upward movement are on the Gate.io and Binance exchanges, with 24.25% and 22.36% of the total open interest, respectively. This represents $511.13 million and $471.38 million in fiat currency.
Other significant contributors include Bybit with $330.89 million, Bitget with $219.03 million, and OKX with $217.34 million. The open interest on these platforms has remained consistent, with a 1.48% increase in the last hour.
As predicted by U.Today, the surge in trading volume has supported a recovery for Dogecoin. The increased demand for the meme coin has stabilized its price, and DOGE can now begin retracing its path toward the critical $0.20 level.
In the last 48 hours, Dogecoin has recorded a $998 million spike in its trading volume. This comes as the community highlighted some key advancements in the coin's central operating system, which are essential to the ecosystem's security.
The uptick in Dogecoin's open interest indicates growing confidence among DOGE investors, signaling a positive outlook for the meme coin's future performance.
