Although Dogecoin has kick-started the new year showing mixed price action, speculative activity surrounding the leading meme asset signals growing optimism among small and large traders.
As of Thursday, Jan. 1, Dogecoin has recorded a massive 11.96% increase in its open interest following growing optimism surrounding the new year.
Notably, this on-chain metric represents the sum of unsettled active futures contracts that investors have committed to Dogecoin, which often reflects heightening investors’ confidence.
Dogecoin open interest surpasses 13.58 billion DOGE
Data showcased by on-chain analytics firm CoinGlass shows that the amount of Dogecoin committed to its futures market has reached a massive 3.58 million tokens over the last day.
The surge in the asset’s open interest, which has also triggered an increase in its trading price, suggests that holders are anticipating a major price rebound in the new year.
The surge in Doge’s futures activity suggests that investors are increasingly betting on a potential surge in the price of Dogecoin, which could drive the asset to reclaim previous highs.
As bullish momentum within the Dogecoin ecosystem continues to build, investors are willing to pour in more capital into the leading meme token, propelling it for a big rally in January.
Dogecoin trading volume soars 96%
The surge in Dogecoin’s futures activity has triggered a sharp increase in its price, which has soared from a low of $0.1162 to an impressive $0.125 on Jan. 1.
While it appears that momentum has returned to the market, Dogecoin’s trading volume has soared massively by 96.51%, triggering a price increase of 3.31% over the last 24 hours, according to data from CoinMarketCap.
Gate.io and Binance traders have shown the most interest as they account for 28.09% and 20.81% of the total open interest, respectively.
Dan Burgin
Caroline Amosun
Alex Dovbnya