Dogecoin Open Interest Hits Record $2.2 Billion – What’s Next For DOGE Price?

Over the last several weeks, the open market bets on Dogecoin have been increasing significantly, reaching new record levels twice in March. Consequently, the value of the popular meme currency has mirrored this upward trend.

The strong upward trend in DOGE‘s price has propelled it past the $0.22 barrier, a level not seen since three years ago. But the real question now is: How high will this surge take DOGE, the leading meme coin, before reaching its limit?

Dogecoin Open Interest Breaks Above $2 Billion

Based on CoinGlass’s statistics, Dogecoin’s open interest surpassed $2 billion for the first time on March 29. At the present moment, Dogecoin’s open interest is approximately $1.96 billion. However, it reached a peak of $2.21 billion that day, breaking its previous record as the meme coin’s most significant milestone.

The number of open contracts for Dogecoin’s futures or options in the market at a specific moment is represented by the metric known as open interest. This figure offers an understanding of the financial commitment from investors towards DOGE derivative instruments currently in play.

Since the beginning of March, the open interest for the meme token has shown remarkable growth. The open interest for DOGE peaked at a record-breaking $1.6 billion around mid-March. However, it later decreased and was back below the $1 billion mark by the end of the month.

Noteworthy is the fact that open interest and Dogecoin’s price have shown a strong correlation, with both increasing simultaneously and at nearly identical rates. Generally speaking, an uptick in open interest may indicate that the current trend in Dogecoin’s price will continue.

In the end, the large number of open positions for DOGE might lead to a significant price shift for the meme coin soon. Yet, it’s challenging to predict whether this surge in volatility will result in a price increase or decrease for Dogecoin. Open interest isn’t always the most reliable sign of market trends or price behavior.

DOGE Price Overview

Currently, Dogecoin is priced at $0.204, marking a 4.6% decrease over the last 24 hours. Despite some turbulence following its three-year peak, Dogecoin has held onto much of its recent gains.

Based on information from CoinGecko, Dogecoin’s price has surged by an impressive 18% over the last week. This strong gain has boosted DOGE‘s status as the largest meme coin in the market, boasting a market capitalization of $29 billion.

Dogecoin Open Interest Hits Record $2.2 Billion – What’s Next For DOGE Price?

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2024-03-31 10:52