Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
October appears to have gotten off on a good note for Dogecoin (DOGE), the king of meme coins. The asset is bullish, and investors’ interest in the meme coin has also spiked. In the last 24 hours, Dogecoin’s open interest has jumped by 2.89% as investors bet on the future price outlook.
Gate exchange investors lead Dogecoin open interest sentiment
According to CoinGlass data, a total of 16.38 billion DOGE valued at $3.96 billion has been committed to the derivatives market. The locking of billions of DOGE signals that futures traders are bullish about the meme coin, likely because many anticipate a price rally in October.
The surge in Dogecoin’s open interest was likely triggered by the meme coin’s price rebound on the crypto market. DOGE recovered from its price fluctuations and instability to breach the $0.24 level. This has fueled hope of more of an uptick, hence, investors were willing to commit more funds to betting on its possible upsurge.
Traders who were most bullish on further price growth are concentrated on the Gate exchange, as these accounted for 27.21% of the total open interest. Investors on Gate bet $1.08 billion, or 4.45 billion DOGE, in the future derivatives market.
Binance, Bybit and Bitget complete the top four with 19.83%, 14.1% and 1.87%, respectively, of the open interest. In fiat terms, it amounts to $785.69 million, $558.88 million and $470.24 million, in that order.
The meme coin’s performance within this period has matched the expectations of traders. As of press time, Dogecoin exchanges at $0.2428, which represents a 5.51% increase in the last 24 hours. The meme coin still has the potential for upward movement as it previously hit a peak of $0.2444.
There has also been an upsurge in trading volume by 9.49% to $2.67 billion. This came as DOGE cleared a critical price resistance level, leading holders to act positively toward the asset.
Uptober rally targets $0.30 and beyond
Historical data shows that Dogecoin has an average growth rate of 11% in October. With investors pumped up for trading, bullish sentiment might drive prices up in an "Uptober rally."
The first price target for holders of DOGE is for the meme coin to flip $0.30. Since the price slipped below this level in early February 2025, each attempt to reclaim it has met with resistance. Dogecoin bulls are hoping to push prices above this level amid increased sentiment.
Popular market analyst Ali Martinez predicts that if bulls hold support and momentum persists, a breakout could see DOGE flip $0.50.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team