The stability in Dogecoin’s price outlook over the past day has also extended to its futures market as DOGE’s open interest across all supported crypto exchanges shows no visible movement.
According to data from CoinGlass, speculative activities surrounding the leading meme coin slowed down on Sept. 6 as the market has DOGE show a slight decline of 0.13% in its open interest over the last 24 hours.
15,650,000,000 DOGE remain unmoved
While the market has seen the market price of leading cryptocurrencies, including meme coins, experience a notable rebound to their previous highs, momentum appears to be on pause as speculative activities across the broad crypto market appear to be slowing down.
With the market showing signs for deeper price plunges, DOGE investors have shown resilience as they appear to have not made any notable exits from the derivatives market despite the fading momentum.
According to data provided by the source, the amount of DOGE committed to its futures market still stands close to $16 billion. With the total amount of all unsettled futures contracts placed on Dogecoin still worth about 3.36 billion as of press time, it appears that investors are still positive about the future price outlook of Dogecoin.
Although the metric shows a slight decline in the last day, DOGE’s open interest still suggests unwavering confidence among investors as only a few futures contracts have been closed during the period despite the negative price action.
The data further shows that the renowned cryptocurrency exchange Gate holds the highest amount of outstanding DOGE futures contracts opened across its broad derivatives market. Out of the total futures contracts opened during the day, the outstanding contracts yet to be settled on Gate stand at over $878 million.
While Binance also appears to be carrying most of DOGE’s bullish investors, it accounts for 19.65% of the total DOGE open interest registered in the past day, sitting decently at $658.38 million.
The stable movement in DOGE’s futures market has fueled curiosity among investors as they continue to question the possibility of a potential rebound in the price of the leading meme coin as this may be signaling the start of a bear season.
While market participants appear to be optimistic for a possible recovery in the price of Dogecoin, the bigger question remains on the possibility of another price breakout before the bull season finally wraps up.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team