According to data provided by blockchain analytics firm Glassnode, meme cryptocurrency Dogecoin (DOGE) has experienced a 63% increase in futures open interest over the past week alone.
The rapid increase in OI comes despite the fact that the Bitcoin price has pulled back significantly from its recent peak.
The total value of open futures positions now stands at a whopping $1.62 billion.
Glassnode claims that this sort of "decoupling" indicates intense speculative positioning. This essentially means that traders are betting more money on Dogecoin's price action.
According to CoinGecko data, the price of Dogecoin (DOGE) has surged by more than 40% over the past week, becoming the best-performing altcoin in the top 10.
As reported by U.Today, Global Macro CEO Raoul Pal predicted that the leading cryptocurrency could potentially reach new highs against Bitcoin.
It is worth noting that DOGE is still down 68% from the record high that was recorded back in May 2021.
Vladislav Sopov
Dan Burgin