$2,376,500,726 Dogecoin in One Day; Reasons Behind It?

Dogecoin (DOGE) traders are making moves on the market, with open interest reaching $2.37 billion.

According to CoinGlass data, open interest in the original meme coin has increased by 3.03% in the last 24 hours, reaching $2,376,500,726 ($2.37 billion). After reaching a record high of $5.42 billion on Jan. 18, Dogecoin's open interest fell to $2.26 billion on Feb. 10, almost where it is now, although it has seen a mild uptick.

Open interest refers to the total amount of unsettled derivatives contracts. A rise in open interest can indicate new money entering the market, perhaps confirming existing price trends and predicting future volatility.

The price of Dogecoin now stands at $0.2569 per coin after dipping to lows of $0.255. The price has declined by roughly 2% in the last week.

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Crypto markets are witnessing sluggish price action amid reduced optimism for Fed easing. The January consumer price index report showed a 0.5% monthly gain, raising the annual inflation rate to 3%, a touch higher than in December and slightly lower than the 3.1% figure in January 2024.

Dogecoin price action

Dogecoin has been sliding in a descending channel pattern, but bulls will try to hold the $0.23 support.

The relief rally might sell for $0.28. If Dogecoin falls from here, it might suggest that the bears remain in charge. Sellers will then make another attempt to bring Dogecoin down to $0.20.

Instead, a break and close above $0.28 indicates strong buying near the support line. Dogecoin may then advance to the 50-day SMA at $0.32, where bears are expected to launch a robust defense.