10,710,000,000 in Dogecoin as Open Interest Returns to Peak Levels

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Dogecoin has seen a substantial 10.79 billion DOGE in open interest within the last 24 hours, according to data from CoinGlass. Open interest represents the total value of active, unsettled Dogecoin futures contracts held by investors.

Key Exchanges Fueling Dogecoin Futures

This significant volume of DOGE translates to an estimated fiat value of approximately $2.11 billion. This reflects a 1.78% increase in the last 24 hours, suggesting a growing interest among meme coin holders who anticipate a potential bullish trend.

At the time of writing, Dogecoin was trading at $0.1955, marking a 2.88% increase over the past 24 hours. The trading volume has also surged by 11.44% to $1.08 billion, indicating heightened investor activity.

CoinGlass data reveals that Gate.io and Binance are the leading exchanges for traders betting on Dogecoin's continued upward trajectory, holding 24.25% and 22.36% of the total open interest, respectively. This equates to $511.13 million and $471.38 million in fiat currency.

Other notable contributors include Bybit with $330.89 million, Bitget with $219.03 million, and OKX with $217.34 million.

Dogecoin traders on these platforms have demonstrated consistent optimism, with open interest remaining positive and increasing by 1.48% in the last hour.

Growing Confidence in a DOGE Rebound

The surge in trading volume has bolstered Dogecoin's recovery. The increased demand for the meme coin has contributed to price stability, allowing DOGE to potentially revisit the crucial $0.20 level.

Over the past 48 hours, the dog-themed meme coin experienced a $998 million increase in its trading volume. This coincides with the community highlighting significant advancements in its core operating system, which are crucial for ecosystem security.

Therefore, the uptick in Dogecoin's open interest suggests a growing confidence among DOGE investors. Read original article on U.Today