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.
Despite its continued price fluctuations in the last seven days, Dogecoin (DOGE) has signaled a potentially bullish shift. DOGE has found support at the $0.26 mark to reach higher levels. The meme coin has been struggling to stabilize in its attempt to retest the $0.40 mark it hit in December of 2024.
Dogecoin's bullish signal despite price volatility
Despite DOGE’s fluctuations, it looks likely that the price dynamics could shift for the ecosystem. A critical metric, the coin’s open interest (OI) has witnessed a staggering rise in the last 24 hours.
Gamza KhanzadaevAccording to CoinGlass data, Dogecoin’s open interest surged to 9.38 billion DOGE as investors increased their total open positions in the meme coin. This amounts to $2.47 billion of funds invested by market participants in the last 24 hours.
Analysts consider this bullish momentum and an indication of investors' confidence in DOGE despite its current price fluctuations. Whether this renewed interest and news of a DOGE ETF filing with the regulatory authority could trigger a price surge remains to be seen.
Interestingly, within the last four hours, DOGE’s open interest has risen by 1.77% as investors remain keen on investing in Dogecoin.
As of this writing, the DOGE price was trading down slightly by 2.34% to $0.2647. However, the meme coin has rebounded from a low of $0.2592 as it gets set to retrace its path upward.
Exchanges with heavy DOGE trading activity
Meanwhile, the data shows that Gate.io, Binance and Bybit crypto exchange registered the highest activities from traders.
Tomiwabold OlajideGate.io had nearly a third of the cumulative DOGE open interest, with 3.10 billion DOGE amounting to $814.26 million. Binance followed with 2.17 billion DOGE, or 23.11%, which equals $570.13 million. Bybit recorded 1.72 billion DOGE, or 18.28% of the open interest, amounting to $450.94 million.
Bitget, OKX, BingX and Hyperliquid registered open interest in the hundreds of millions. Their total DOGE were 982.34 million, 735.47 million, 330.35 million and 198.44 million, respectively.
Dan Burgin
Vladislav Sopov