Dogecoin Open Interest Hits Record $2.2 Billion – What’s Next For DOGE Price?
31 Março 2024 - 4:38AM
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The Dogecoin open interest has been on the rise over the past few
weeks, breaking and setting new all-time highs twice this March.
Unsurprisingly, the price of the meme coin has been reflecting the
growth seen by its open interest. This recent bullish momentum
pushed the price of DOGE to break the $0.22 mark, its highest point
in three years. However, the question is – how far can this rally
go for the foremost meme token? Dogecoin Open Interest Breaks Above
$2 Billion According to data from CoinGlass, the Dogecoin open
interest broke through the $2 billion mark on Friday, March 29.
Although DOGE’s open interest stands at around 1.96 billion at
press time, it rose as high as $2.21 billion on Friday, a new
record for the meme coin. Related Reading: Prepping For $100,000:
Bitcoin Shark And Whales Spend Over $18 Billion To Buy BTC Open
interest is a metric that measures the total number of futures or
options contracts of a particular cryptocurrency (Dogecoin, in this
case) in the market at a given time. It provides insight into the
amount of money investors are pouring into DOGE derivatives at this
time. The meme token’s open interest has had quite a performance
since the start of March. DOGE’s open interest rose to $1.6 billion
(an all-time high at the time) earlier in the month before
retracing to below $1 billion by March 20. It is worth noting that
there has been a high correlation between open interest and
Dogecoin’s price, with both climbing at the same time and at almost
the same pace. Typically, a rising open interest can suggest a
continuation of the trend around the asset’s price at the moment.
Ultimately, the current high open interest for DOGE could mean a
rapid price movement for the meme coin in the near future. However,
it would be difficult to tell the direction in which this spurt of
volatility would take the price of Dogecoin, especially as open
interest is not the most optimal indicator of trends or price
action. DOGE Price Overview As of this writing, the Dogecoin price
stands at $0.204, reflecting a 4.6% decline in the last 24 hours.
While the meme token’s price has somewhat struggled since hitting
the three-year high, it has managed to retain most of its profit
from the past week. Related Reading: Panel Of Experts Reveal When
The Cardano Price Will Reach $3 According to CoinGecko data, the
Dogecoin price is up by a whopping 18% in the past seven days. This
positive performance has strengthened DOGE’s position as the
largest meme coin in the market, with a market capitalization of
$29 billion. Dogecoin price sees slight correction on the daily
timeframe | Source: DOGEUSDT chart on TradingView Featured image
from Pexels, chart from TradingView
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