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Dogecoin (DOGE), amid its bullish price performance, has also seen a surge in its Open Interest. Per CoinGlass data, an analytics platform on the crypto market, the open interest has jumped by 20.07% in 24 hours, which is $2.4 billion. This represents a total of 8.28 billion DOGE committed by futures traders.
Dogecoin’s Open Interest shows investor confidence
An analysis of the data shows that a greater concentration of the numbers cuts across major crypto trading platforms such as Binance, Bybit and OKX. These three account for over 6.6 billion DOGE. By distribution, the Binance exchange led by 3.07 billion DOGE worth $889.13 million.
Bybit, with 2.42 billion DOGE and OKX, at 1.18 billion DOGE, followed, with their holdings valued at $699.87 million and $342.11 million, respectively. The distribution shows increasing confidence on the part of investors and the platforms on which they are betting on Dogecoin.
The impressive jump in open interest by over 20%, alongside the increasing price performance of DOGE, signals new capital inflow. Given the high liquidity, this strong market sentiment suggests that traders might enter and exit positions without causing price volatility.
Generally, investors and traders monitor open interest to catch shifting market trends quickly. The metrics hint at a sustained bullish season for Dogecoin.
DOGE outshines rivals as market capitalization soars
The current bullish trend did not single out Dogecoin; it has swept across the broader cryptocurrency market. Bitcoin has hit several recent peaks, with a new all-time high set and shattered several times within the last seven days. Thus, Dogecoin appears to have flowed along with positive sentiment surrounding the world’s leading digital asset.
According to data, DOGE has registered a 21.39% increase to trade at $0.2933 as of this writing. Its market volume has soared by a staggering 189.37% to $18.98 billion, confirming the increased interest by investors.
Overall, DOGE has become the meme coin of the moment. The recent attention paid to Dogecoin has helped it flip XRP and USDC in terms of market capitalization ranking. Despite USDC and XRP’s price, DOGE rose from eighth to sixth place following the spike in investors’ confidence in the asset.