Dogecoin is showing signs of a major rebound amid rising interest on its derivatives market. The negative trend witnessed in DOGE futures' activity has seen a big shift as the asset sees a decent increase in its open interest volume over the past day.
According to data from CoinGlass, Dogecoin futures traders have committed over 10.5 billion DOGE worth over $1.48 billion on Friday, Dec. 12. This marks a decent increase of 1.08% in the meme asset’s open interest over the last day.
Dogecoin prints bullish signal
Despite being in red territory in the last few days, Dogecoin's open interest has shifted in the past few hours, suggesting a major rebound could be imminent.
While Dogecoin open interest is a tool that measures how much investors are willing to bet on the asset, an increase in the metric reflects a bullish signal for the DOGE price.
According to data from CoinMarketCap, Dogecoin has surged by 2.16% in the last 24 hours. After seeing an intraday low of $0.1365, Dogecoin is now trading at $0.1409 as of press time.
This metric defies the trend witnessed across the broad crypto derivatives market as major cryptocurrencies, including XRP, have seen their open interest decline over the last day.
Following the rising interest from investors, Dogecoin appears to be headed for a big price rebound.
Nonetheless, the data shows that traders on Gate.io exchange have shown the most interest as the exchange shows the highest percent of traders betting on the asset.
Notably, Gate.io accounts for 24.82% of total open interest, while Binance comes second, accounting for 18.38% with a massive 1,930,000,000 DOGE tokens committed on the exchange.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team