DOGE Traders Go All In: Open Interest Soars Past 10.7B Tokens

Dogecoin futures are witnessing heightened activity as open interest has jumped past 10.79 billion DOGE in the last 24 hours. According to data from CoinGlass, this volume holds an estimated value of $2.11 billion in fiat currency.

The significant increase in open interest shows that more investors are joining in and believing Dogecoin will do well in the near future. Increased demand for risk can be seen in the sharp rise of funds going into the future. There are signs that the market is getting ready for a possible breakout since many are looking forward to upcoming price changes.

More traders are betting on positive outcomes, as evidenced by the increase in open interest. This increase corresponds with Dogecoin’s growing market activity, which mirrors increased optimism from investors.

Also Read: Bybit Offers USDT Rewards for Feedback in New Fiat Services Campaign

At the time of writing, Dogecoin is trading at $0.1955, recording a 2.88 percent price increase over the same period. The 24-hour trading volume has risen to $1.08 billion, up 11.44 percent.

On the futures market, Gate.io and Binance still lead, with 24.25 percent and 22.36 percent of the total open interest, respectively. The current total value of DeFi contracts in use amounts to $982.51 million.

Exchanges Lead Futures Momentum as Traders Double Down on DOGE

Bybit holds $330.89 million in open contracts, while Bitget and OKX follow with $219.03 million and $217.34 million. Together, these five exchanges form the core of Dogecoin’s growing futures market.

Open contracts rose by 1.48 percent in the final hour, suggesting traders are anticipating the market will rise for more time. Traders are maintaining their holdings, which means they expect the rally to last.

There have been few changes in participation across different platforms, meaning people enter markets and keep their positions open. This activity shows that investors are becoming more confident about Dogecoin’s near-future prospects.

Rising open interest, combined with higher trading volume and price movement, shows that traders are becoming more engaged in the market. With major exchanges leading the charge, DOGE’s future markets are seeing intensified focus and strong momentum.

Also Read: Shiba Inu Struggles to Hold Support as Bearish Signals Strengthen

The post DOGE Traders Go All In: Open Interest Soars Past 10.7B Tokens appeared first on 36Crypto.