Despite a 3.96% decline in price outlook in the last seven days, Dogecoin investors remain bullish. In the last 24 hours, strong open interest has seen futures traders commit over 15 billion DOGE worth about $3.42 billion to the derivatives market.
Dogecoin futures see $3.42 billion open interest surge
For clarity, open interest refers to the total value of unsettled active futures contracts that investors have committed to Dogecoin. The massive $3.42 billion suggests that ecosystem holders are bullish about DOGE.
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According to CoinGlass data, investors on Gate lead the pack of the total open interest in the last 24 hours. Investors on the exchange committed 3.29 billion DOGE valued at $750.20 million to the asset. This represents 21.92% of the total open interest.
It was closely followed by Binance with 20.13% as investors set aside 3.03 billion DOGE worth about $688.92 million.
Bybit, OKX and Bitget completed the top five with 2.05 billion DOGE, 1.71 billion DOGE and 1.58 billion DOGE, respectively. The fiat value of these commitments is $467.01 million, $388.56 million and $358.71 million, in that order.
Amid this open interest surge, the ecosystem has also seen an uptick in whale activity as a large holder moved 400 million DOGE from Robinhood. The development suggests possible accumulation moves ahead of a bullish rally.
Can Dogecoin recover to $0.30 price level?
As of this writing, Dogecoin was changing hands at $0.2280, which represents a 1.01% decline in the last 24 hours. The meme coin dropped from an intraday peak of $0.2354 as Bitcoin dragged DOGE amid high correlation.
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This price dip has also affected trading volume, which is down by 27.59% at $2.98 billion. However, the open interest figures appear to spark hopes of a possible recovery.
If Dogecoin recovers, market participants would likely be eyeing the $0.30 price level as its technical indicator had earlier teased.
Source: https://u.today/15150000000-dogecoin-in-24-hours-big-open-interest-switch-emerges