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Dogecoin has maintained positive momentum in its price and open interest metric, breaking the negative trend in both markets as other major cryptocurrencies like Bitcoin and $XRP turn negative.
While the recent crypto market rally has cooled, Dogecoin futures traders are yet to relent, as they have continued to show confidence in the world's largest meme token by market capitalization.
$1.67 Billion in $DOGE committed
According to Coinglass data on Wednesday, May 13, Dogecoin has experienced a notable surge in its futures activity as its existing futures contracts reached a total of 15.13 billion $DOGE.
While this marks an increase of about 4% in its open interest, the total $DOGE tokens committed to the futures market over the period are worth $1.67 billion.
This increase in the Dogecoin open interest has come at a time when momentum appears to be fading as other leading cryptocurrencies like Bitcoin and $XRP showed decreases of 0.32% and 1.57% in their open interests, respectively.
This suggests that the recent market rally has further fueled investors' confidence in Dogecoin and traders are willing to open more leveraged positions on the asset even more than on other major crypto assets.
Dogecoin steadies at $0.1105
It is important to note that Dogecoin has not only maintained positivity in its derivatives market, but has also broken the negative trend in the spot market as its price continues to trade in the green zone while others decline.
While the broader crypto market is showing mixed price actions with Bitcoin and $XRP showing price declines of 1.81% and 0.58%, respectively, Dogecoin has surged modestly by 1.50% in its price, trading steadily at $0.1105 as of the time of writing.