18,120,000,000 Dogecoin in 24 Hours, DOGE Open Interest Makes Comeback

Cover image via U.Today

Dogecoin (DOGE) has experienced a 10.75% decrease in value over the past week, primarily influenced by broader market volatility. However, despite this price dip, Dogecoin investors appear to remain optimistic, as open interest has surged by 5.98% in the last 24 hours.

Dogecoin Open Interest Spikes Despite Weekly Price Dip

Data from CoinGlass indicates a significant spike in open interest, with investors committing 18.15 billion DOGE, currently valued at $4.38 billion, to the futures market. This substantial investment suggests a strong anticipation among ecosystem participants regarding the meme coin's future performance.

Open interest, in this context, represents the total value of outstanding active futures contracts related to Dogecoin. The observed 5.98% increase suggests that holders are anticipating a positive price movement in the near future.

As of press time, Dogecoin is trading at $0.2423, reflecting a 2.36% increase over the last 24 hours. Simultaneously, its trading volume has surged by 62.12% to $2.49 billion within the same period, indicating continued engagement from market participants.

This recent bullish momentum appears to be fueled by a rotation into meme coins, with increased capital flowing into the sector. Dogecoin's rise also aligns with the performance of Bitcoin and other altcoins, such as Binance Coin (BNB). Notably, altcoins are currently outperforming Bitcoin, as the leading cryptocurrency's dominance has decreased.

Analysts Eye Reclaiming $0.26 as Launchpad to $0.46

As previously reported, Dogecoin was approaching the formation of a golden cross at the end of last week. This technical pattern could provide support for reversing the recent downward price trend in the cryptocurrency market.

According to analyst Ali Martinez, Dogecoin has the potential to reach the $0.46 level if it can successfully reclaim the $0.26 mark. The current bullish momentum may serve as a catalyst for a push towards this predicted price target.

CoinGlass data suggests that investors on platforms such as Gate.io, Binance, and Bybit may be instrumental in driving a potential rebound in DOGE.