Dogecoin Open Interest Nears $1 Billion as Price Goes Up

Dogecoin (DOGE) appears to be eyeing a price rebound after the recent crypto market crash. After rallying above for weeks along with the overall crypto market, DOGE recently started on a downtrend. The meme coin, known for its parabolic price moves, has been struggling to rebound in the last few days.

However, the Dogecoin price has seen a slight gain today. As of writing this article, DOGE is trading at $0.1354. The popular meme coin has witnessed a notable gain of 5.61% in the last 24 hours. However, it should be noted that the Dogecoin price is still down 20.66% over the last seven days, highlighting the intensity of the recent market crash.

Is Dogecoin eyeing price rebound?

Amid this slight price surge for DOGE today, it appears that things have started to shift overall. A crucial metric of Dogecoin is signaling bullish momentum ahead. Data from CoinGlass reveals that Open Interest in DOGE has surged by 4.92% over the last 24 hours. Thanks to this slight but important rise, Open Interest now stands at a whopping $967.80, just shy of the $1 billion mark.

Digging further into the CoinGlass data shows that crypto exchange Binance leads in this Open Interest surge for Dogecoin. The popular trading platform has $297.76 million in Open Interest for the coin, followed by Bybit at $241.31 million, and OKX at $102.15 million, amongst others.

For those who do not know, Open Interest is a crucial metric that represents the number of total open positions in a certain crypto, in this case, Dogecoin. The current surge in this metric reveals that investor interest is returning for the meme coin after the recent price crash. This rise is considered a bullish sign for Dogecoin, which is already aiming to kickstart another price rally.