Dogecoin Futures Activity on Coinbase Spikes 24% as DOGE Price Resurges

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The cryptocurrency market is experiencing a revitalizing shift in investor sentiment, with major cryptocurrencies, including popular meme tokens like DOGE and SHIB, showing positive price movement. This reversal has propelled DOGE's futures trend to impressive heights, according to data from Coinglass.

Over the past 24 hours, Coinbase has observed a significant increase in the open interest surrounding its DOGE futures product, indicating a resurgence of confidence among investors.

Coinbase Registers $14.58 Million in DOGE in One Day

Following a period of consistent declines, the cryptocurrency market is gradually regaining momentum, and Dogecoin, a prominent meme asset, is reclaiming its position as a focal point in the memecoin sector.

The negative trend of the past week extended to the DOGE futures market, causing Dogecoin's open interest on Coinbase to dip as low as $7 million. However, the broader market's resurgence has encouraged Coinbase users to re-engage with Dogecoin futures.

Notably, the amount of DOGE registered on the leading U.S.-based cryptocurrency exchange surged to 70,410,000 DOGE on August 4th. This figure, valued at over $14.58 million, represents the highest daily DOGE open interest recorded on Coinbase since June 10th.

The notable 24% surge in Coinbase's DOGE futures product over the last day has driven the token to surpass its two-month high in this crucial metric.

This increase in DOGE's open interest on Coinbase suggests a rise in exchange-specific factors, such as demand and confidence in the token among U.S. residents.

Recent liquidation events have shifted in favor of traders opening long positions on Dogecoin after a period of losses. The upsurge in open interest indicates that traders are increasingly establishing new positions, either to maximize gains or recover previous losses.

While this suggests renewed momentum in the DOGE market, it also signals a potentially bullish outlook for the token's future. This is fostering optimism among enthusiasts, as the asset appears to be targeting a new level at $0.25.

Coinbase's prominence in the crypto ecosystem means that a surge in its DOGE futures suggests growing institutional interest in Dogecoin derivatives. Read original article on U.Today