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In the last 24 hours, Dogecoin market activity has increased, with traders committing 9.05 billion DOGE in open interest. This comes as investors are betting big on DOGE to increase in value in the near term amid broader market uncertainty.
Open interest surge signals nullish sentiment
Data from CoinGlass shows that open interest has spiked by 4.81% in the last 24 hours. This follows an increase in the open position of investors in the meme coin. This 9.05 billion DOGE sums up to $1.88 billion in funds committed by market participants.
Tomiwabold OlajideThe increase in open interest reflects bullish momentum and signals the level of investors’ confidence in DOGE. The uptick in open interest, despite the unpleasant prediction of a looming death cross signal, shows that investors are betting on an upward trajectory for DOGE.
Analysts consider the recent update on NYSE Arca’s Bitwise DOGE exchange-traded fund (ETF) filing likely contributing to the bullish sentiment. Notably, the Securities and Exchange Commission (SEC) filing lists Coinbase as custodian.
At press time, DOGE is changing hands at $0.2071, which represents an increase of 2.37% in the last 24 hours. The meme coin had earlier surged to $0.2192 but failed to find support at $0.21.
Market watchers note that if the trading volume, which is currently down by 16.83% at $1.69 billion, could climb, it might impact the price.
Major exchanges driving open interest
While the $1.88 billion committed by investors indicates overall interest, a critical look at the data shows the highest commitment came from Gate.io. The exchange registered 31.48%, or 2.85 billion DOGE worth $590.62 million.
Gamza KhanzadaevBinance followed with 2.26 billion DOGE, valued at $467.23 million, or 24.9% of the total open interest. Bybit and Bitget recorded 1.41 billion DOGE and 979.91 million DOGE, respectively. Their values were $291.54 million and $202.89 million, respectively.
The next few days could indicate if the open interest will translate into support for DOGE’s price.
Dan Burgin
Vladislav Sopov