The post Dogecoin Open Interest Sees Significant Increase As DOGE Hits 34-Day Price Peak appeared on BitcoinEthereumNews.com.

Following renewed optimism from investors and traders, Dogecoin, the largest dog-themed meme coin in the crypto market has witnessed a surge in its Open Interest (OI), as DOGE reached its highest Price in over a month. The entire amount of derivative contracts, such as futures and options, is known as open interest. Thus the recent rise in DOGE’s open interest suggests increased trader activity and growing market interest in the dog-themed meme coin. Dogecoin’s Price Uptick Attracts Investors’ Interest Trading platform and analyst, TOBTC shared the positive development on the X (formerly Twitter) platform, which has attracted positive sentiment from Dogecoin enthusiasts within the crypto community. According to the analyst, since DOGE’s price hit a 34-day high on July 20, market traders’ interest in the crypto asset has soared, resulting in a 19% spike in open interest. As of the time of the X report, the open interest in DOGE rose to almost $647.19 million, which is the highest level since the beginning of July. However, the number is currently valued at $742.21 million, according to Coinglass. DOGE Open Interest hit the highest level in July | Source: TOBTC on X Considering the significant rise of the open interest, it appears DOGE traders are increasing their positions following the recent price spike to its highest level in the past month. Dogecoin’s price surge on Saturday attracted a gain of up to 18%, reaching about $0.133 level. The price increase comes as the market is now much in favor of Greed, which suggests that the entire crypto market is becoming more bullish. However, despite the optimistic sentiment, TOBTC highlighted that several crypto experts warn against possible pullbacks for DOGE, indicating the volatility involved with digital assets. TOBTC also noted that the price of Dogecoin has grown as a result of heightened…

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Filed under: News - @ July 22, 2024 6:16 pm