Dogecoin (DOGE) has seen a notable surge in its open interest and price. Recent data from Coinglass, a leading financial analytics platform for the crypto market, shows that the open interest in DOGE has seen a massive increase of 32.89%, now standing at an impressive $2.17 billion.
Breaking down the numbers, it is clear that the bulk of this interest is concentrated across several major crypto trading platforms, with Binance leading the charge with $638.91 million, followed closely by Bybit at $622.66 million and BingX with $300.33 million. The distribution of interest across these platforms shows the rising enthusiasm and confidence investors are placing in Dogecoin.
Bullish sentiment prevails
This spike in open interest is not occurring in a vacuum; it coincides with massive bullish momentum in Dogecoin's price. The meme coin has seen an upsurge in its price, currently trading at $0.2153. This represents a 17.76% increase in the last 24 hours and a 42.60% rise over the past week. Furthermore, the trading volume for DOGE has also skyrocketed, with a 71.37% increase, bringing the current 24-hour trading volume to a staggering $5.57 billion.
The catalyst behind this bullish momentum can be partially attributed to recent rumors surrounding the potential integration of DOGE and crypto payments into X (formerly Twitter). As previously reported by U.Today, there has been widespread speculation regarding the incorporation of DOGE into X's payment systems. This speculation has been further fueled by Elon Musk's well-known affection for Dogecoin, often referring to it as his favorite coin.
If these speculations prove to be true, it could mark a significant milestone for Dogecoin and the cryptocurrency market at large, potentially leading to increased mainstream adoption and utility of DOGE in everyday transactions. Overall, Dogecoin continues to capture the attention of investors and crypto enthusiasts, signaling a potentially bright future for the meme coin.