Dogecoin and Floki Inu Shine as Top Meme Coin Gainers Today
The post Dogecoin and Floki Inu Shine as Top Meme Coin Gainers Today appeared on BitcoinEthereumNews.com.
Dogecoin and Floki Inu have emerged as two of the top five daily gainers in the major crypto market. Increased open interest signals growing optimism among traders for Dogecoin and Floki Inu’s upcoming rally. As the third week of October draws to an end, the altcoin market seems to be showing indications of recovery in several sectors, especially in the meme coin sector. Investors are becoming interested in this comeback, with two significant gainers in the daily top five list: Dogecoin (DOGE) and Floki Inu (FLOKI). Reflecting their major presence in the crypto market, both dog-themed tokens have drawn the interest of investors. Source: CoinMarketCap Dogecoin and Floki Inu have seen notable increases as of writing; they rank among the top performers in the daily gainer list. This growth follows a more general positive sentiment about DOGE, which recent on-chain data have helped to justify. As we previously reported on CNF, with the open interest (OI) for DOGE futures contracts over $800 million, these measures exposed a clear inclination toward Dogecoin. DOGE: Open Interest Surges as Traders Show Bullish Sentiment New data from CoinGlass today shows yet another increase in DOGE’s OI, which has lately skyrocketed to $1.07 billion. This substantial rise in open interest reflects traders’ hope and indicates more activity around the token. Source: CoinGlass With DOGE’s current Long/Short ratio of 1.0408, the market shows somewhat more long holdings than short ones over the past 24 hours. With more market players predicting the DOGE price to climb rather than decline, this ratio points to traders leaning optimistic on the token in the near term. Price-wise, DOGE has had an amazing 8.84% increase over the last 24 hours, rising to about $0.1454. Popular crypto analyst Mags has highlighted historical patterns and an optimistic sentiment that encourage this outlook. Mags…
Filed under: News - @ October 19, 2024 2:26 pm