Dogecoin has remained in the spotlight despite the unstable market conditions that have seen the prices of leading cryptocurrencies consistently remain in the red zone. The meme coin has just printed an over 4% increase in its open interest volume over the last day, according to data from CoinGlass.
Dogecoin open interest hits November high
The data shows that Dogecoin’s futures traders have committed a massive 2.16 billion DOGE to its derivatives market, signaling renewed interest across the ecosystem.
This surge in the Dogecoin futures activity marks the highest open interest the leading meme token has recorded so far in November, signaling a resurgence in speculative appetite on Dogecoin.
While Dogecoin’s open interest as of Nov. 14 was around 2.05 billion DOGE, it appears that an additional 11 million DOGE tokens have been committed to its futures contracts in the last 24 hours.
While Dogecoin has only seen its price show weakness amid a broad market correction at the time, it appears that traders have increasingly committed more tokens in the derivatives market in preparation for a potential breakout.
Although Dogecoin was trading positively during the early hours of the day, it has suddenly flipped to the other side of the market. As of writing time, Dogecoin is trading at $0.1618, showing a decent price decline of 0.44% over the last day, according to data from CoinMarketCap.
While recent liquidation events have continued to flip against traders that are opening long positions on the leading meme coin due to the frequent price corrections it has continued to witness, momentum appears to be returning to the Dogecoin ecosystem.
Notably, the upsurge in open interest, which appears to have been triggered by the decent price resurgence witnessed earlier today, implies that traders are increasingly opening new positions, either following efforts to maximize gains or to recover previous losses.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team