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Despite a 3.96% decline in price outlook in the last seven days, Dogecoin investors remain bullish. In the last 24 hours, strong open interest has seen futures traders commit over 15 billion $DOGE worth about $3.42 billion to the derivatives market.
Dogecoin futures see $3.42 billion open interest surge
For clarity, open interest refers to the total value of unsettled active futures contracts that investors have committed to Dogecoin. The massive $3.42 billion suggests that ecosystem holders are bullish about $DOGE.
According to CoinGlass data, investors on Gate lead the pack of the total open interest in the last 24 hours. Investors on the exchange committed 3.29 billion $DOGE valued at $750.20 million to the asset. This represents 21.92% of the total open interest.
It was closely followed by Binance with 20.13% as investors set aside 3.03 billion $DOGE worth about $688.92 million.
Bybit, OKX and Bitget completed the top five with 2.05 billion $DOGE, 1.71 billion $DOGE and 1.58 billion $DOGE, respectively. The fiat value of these commitments is $467.01 million, $388.56 million and $358.71 million, in that order.
Amid this open interest surge, the ecosystem has also seen an uptick in whale activity as a large holder moved 400 million $DOGE from Robinhood. The development suggests possible accumulation moves ahead of a bullish rally.
Can Dogecoin recover to $0.30 price level?
As of this writing, Dogecoin was changing hands at $0.2280, which represents a 1.01% decline in the last 24 hours. The meme coin dropped from an intraday peak of $0.2354 as Bitcoin dragged $DOGE amid high correlation.
This price dip has also affected trading volume, which is down by 27.59% at $2.98 billion. However, the open interest figures appear to spark hopes of a possible recovery.
If Dogecoin recovers, market participants would likely be eyeing the $0.30 price level as its technical indicator had earlier teased.