As Dogecoin returns to the spotlight, investors' confidence in the leading memecoin remains strong.
Amid the broad crypto market rebound that saw its price hit $0.24 on August 12, data from Coinglass shows that DOGE’s open interest across all supported exchanges has surged significantly.
Per the data, the dog-themed meme cryptocurrency has crossed a massive $3.41 billion in open interest over the last 24 hours following a sudden flip in investors’ sentiment that saw the broad crypto market turn positive after several hours of trading sideways.
This has seen DOGE’s open interest surge by over 3% in the last four hours despite being in the red over the last day. Thus, DOGE’s hourly surge in open interest has been fueled by the sudden price resurgence experienced across the broad crypto market in the past few hours.
14,410,000,000 DOGE committed in one day
While DOGE’s open interest stands as the total number of unsettled derivative contracts yet to be closed, it appears that investors are bullish on the token and are willing to commit their funds to bet on its potential upsurge.
As such, they have committed 14.41 billion DOGE to the asset’s futures market amid efforts to maximize gains on the token’s potential price performance.
While it was trading negatively in the early hours of the day, the sudden reversal in DOGE price action has seen its price record a daily gain of 4.09%, according to data from CoinMarketCap.
Following this, DOGE's trading volume is still sitting in the red zone; however, its market capitalization shows a notable surge of 3.93% over the last day, suggesting that the token might be preparing for something big.
The sudden surge in DOGE’s price has silenced speculations that its rally will remain stalled until the SEC approves the DOGE ETF proposal.
Following the bullish price movement, crypto analysts have predicted more upward momentum for the token as it continues to flag crucial bullish signals amid renewed investor confidence.
Renowned crypto analyst Ali Martinez has shared predictions on the asset’s next price move, showcasing Dogecoin forming a bullish flag on its hourly chart. According to the analyst, Dogecoin is printing a new price target at $0.27.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team