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With the signs of recovery in the broader digital currency ecosystem, Dogecoin (DOGE) is seeing a gradual surge in its open interest data. Per data from CoinGlass, the Dogecoin open interest is paring off its losses in the past 24 hours. Now pegged at 9.16 billion DOGE in committed assets by futures traders, this metric is up 1.06% in the past four hours.
Dogecoin open interest and exchange impact
That more than $2.2 billion was committed to futures trading remains complementary to the renewed interest in Dogecoin after the epic market slowdown. The interest in top exchanges like Gate.io, Binance, Bybit, Bitget and OKX aligns with the sentiment that the DOGE breakout might be close.
Tomiwabold OlajideGate.io harbors DOGE whales with the largest exposure in the futures market; $754.73 million worth of DOGE was committed, 32.9% of the market share. On Binance, more than 2.24 billion DOGE were registered in open interest, a figure worth $559.28 billion.
Bybit, Bitget and OKX are 1.57 billion, 914.15 million and 347.57 million DOGE, respectively. With the level of exposure amid a bearish market outlook, there is evidence that investors are optimistic about the future of the top meme coin.
What next for DOGE price?
At the time of writing, the price of Dogecoin was changing hands for $0.2498, down 3.07% in 24 hours. The coin is battling to stay afloat after sharp volatility pulled it down from its 30-day high of $0.4335. Should the open interest figures gain momentum, DOGE might be forced to decouple from Bitcoin (BTC).
Yuri MolchanAgainst the claims that the uptrend for Dogecoin might be over, the anticipated DOGE ETF product will likely reboot price rallies in the coming months, depending on how events shape up around the product between issuers and the U.S. SEC.
Denys Serhiichuk
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov