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Dogecoin Open Interest Jumps 9.2 Billion in 24 Hours, What Next for DOGE Price?
On Binance, more than 2.24 billion DOGE were registered in open interest, a figure worth $559.28 billion. Bybit, Bitget and OKX have also reported significant exposure levels, with 1.57 billion, 914.15 million and 347.57 million DOGE, respectively. As the top meme coin continues to defy expectations amidst a bearish market outlook, there is evidence that investors are optimistic about its future.
At the time of writing, Dogecoin’s price was trading at $0.2498, down 3.07% in 24 hours. The cryptocurrency has been struggling to stay afloat after sharp volatility pulled it down from its 30-day high of $0.4335.
The recent surge in open interest could potentially force DOGE to decouple from Bitcoin (BTC), as investors increasingly take on more risk. However, any significant movements will depend on the price action and market sentiment.
Furthermore, the anticipated DOGE ETF product is likely to reboot price rallies in the coming months, pending events and developments around its launch between issuers and the U.S. SEC.
Source: https://u.today/dogecoin-open-interest-jumps-92-billion-in-24-hours-what-next-for-doge-price
