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Dogecoin (DOGE) has declined by 10.75% over the last seven days, largely due to general market volatility. Despite this dip in price, Dogecoin investors have remained bullish as open interest has surged by 5.98% in the last 24 hours.
Dogecoin open interest spikes despite weekly price dip
According to CoinGlass data, open interest spiked as investors committed 18.15 billion DOGE, valued at $4.38 billion, to the futures market. The massive amount of fiat currency invested in the asset signals the anticipation of ecosystem investors into the meme coin.
Notably, open interest refers to the sum of unsettled active futures contracts that investors have committed to Dogecoin. The 5.98% increase shows that holders are anticipating an uptick in the coming days.
As of press time, Dogecoin was trading at $0.2423, representing a 2.36% increase over the last 24 hours. Meanwhile, its trading volume has soared by 62.12% to $2.49 billion within the same time frame, signaling continued investment from market participants.
The uptick in the current bullish momentum is supported by a rotation into the meme coin, as more capital flows into the sector. The asset has also risen in tandem with Bitcoin and other altcoins, such as Binance Coin (BNB). Overall, altcoins are outperforming Bitcoin, as the flagship cryptocurrency's dominance has dipped.
Analysts eye reclaiming $0.26 as launchpad to $0.46
As reported by U.Today, Dogecoin, at the end of last week was on the verge of forming a golden cross. This might have provided support for reversing the downward price movement on the cryptocurrency market.
According to Ali Martinez’s prediction, Dogecoin has the potential to soar toward the $0.46 level if it can reclaim $0.26. The current bullish momentum may catalyze a push to the predicted level.
According to data from CoinGlass, investors on Gate.io, Binance and Bybit may lead the rebound in DOGE.
Vladislav Sopov
U.Today Editorial Team