9.05 Billion Dogecoin (DOGE) in 24 Hours, What's Happening?

Cover image via U.Today

Dogecoin's market activity surged in the last 24 hours, with traders committing 9.05 billion DOGE in open interest—a total of $1.88 billion. This significant increase reflects investor optimism about DOGE's near-term price, despite broader market uncertainty.

Open Interest Surge Signals Bullish Sentiment

CoinGlass data reveals a 4.81% spike in open interest over the past 24 hours, driven by increased investor positions in the meme coin. While some analysts predict a looming "death cross" signal, this substantial open interest suggests investors are betting on DOGE's upward trajectory.

The recent NYSE Arca filing for a Bitwise DOGE exchange-traded fund (ETF), notably listing Coinbase as custodian, likely contributes to this bullish sentiment.

At press time, DOGE trades at $0.2071, a 2.37% increase in the last 24 hours. While it briefly reached $0.2192, it lacked support at $0.21. Market observers note that increased trading volume (currently down 16.83% at $1.69 billion) could significantly impact the price.

Major Exchanges Driving Open Interest

Gate.io holds the largest share of the committed $1.88 billion, accounting for 31.48% (2.85 billion DOGE, or $590.62 million). Binance follows with 24.9% (2.26 billion DOGE, $467.23 million), followed by Bybit (1.41 billion DOGE, $291.54 million) and Bitget (979.91 million DOGE, $202.89 million).

The coming days will reveal whether this high open interest translates into sustained price support for DOGE. Read original article on U.Today