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Dogecoin (DOGE) Futures Reach Record-Setting Open Interest at $1,000,000,000

source-logo  dailyhodl.com 29 February 2024 23:17, UTC

New data reveals meme asset Dogecoin (DOGE) futures have reached a record-setting $1 billion worth of open interest.

According to market intelligence platform Coinglass, the dog-themed memecoin has hit an all-time high of $1 billion worth of open interest, or the total number of outstanding derivatives contracts for a given asset.

The data unveils that the overwhelming majority of the options contracts were taken out over four major centralized crypto exchange platforms – Binance, ByBit, OKX, and BingX.

Together, these four saw a staggering $960 million worth of Dogecoin futures taken out, with Binance and Bybit both contributing over $300 million each.

Other crypto exchanges that saw significant activity in terms of DOGE derivatives include Huobi, BitMEX, dYdX, Kraken, and Coinbase.

According to data from Coinalyze, which compiles statistics on crypto futures, over the last day, the majority of futures taken out relating to the popular meme asset are long positions. Coinalyze finds that 69.88% of DOGE options are long while 30.13% are short, rounding out a ratio of 2.32.

Furthermore, Coinalyze finds that Dogecoin’s open interest rose a staggering 27% in just one day.

Dogecoin is trading for $0.128 at time of writing, a 15.39% gain during the last 24 hours and a 54% rise from its seven-day low of $0.083 set on February 23rd.

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