The post Dogecoin (DOGE) Open Interest Soars Past $4 Billion Mark in January Rally appeared on BitcoinEthereumNews.com.

TLDR Dogecoin open interest has surged to $4.27 billion ahead of Trump’s inauguration on January 20, 2025 Gate exchange has overtaken Binance as the dominant platform for DOGE open interest with 4.89 billion DOGE Trading volume shows some hesitation, down 21% despite market optimism Current DOGE price is $0.35, down 12% from monthly highs Traders are speculating on potential $1 price target with upcoming political changes The cryptocurrency market is seeing unprecedented activity in Dogecoin trading as the January 20 presidential inauguration approaches. Open interest in DOGE has climbed steadily since late 2024, reaching a new monthly high of $4.27 billion, according to data from multiple cryptocurrency exchanges. The surge in trading activity represents nearly a doubling of open interest in recent days. In the past 24 hours alone, open interest increased by 3.68%, reaching 12.01 billion DOGE tokens. This level of activity hasn’t been observed since December 2024, before the market experienced a downturn. Trading platforms have seen a notable shift in market dominance. Gate exchange has emerged as the new leader in Dogecoin open interest, handling 4.89 billion DOGE. This represents a change from previous months when Binance held the top position. Binance now ranks second with 2.15 billion DOGE in open interest. The redistribution of trading activity continues with Bybit securing third place, managing 1.96 billion DOGE in open interest. Bitget follows in fourth position with 1.01 billion DOGE. Together, these top four exchanges account for approximately 80% of all Dogecoin open interest. Newer platforms are also gaining traction in the market. Hyperliquid has shown particularly strong growth, with its Dogecoin open interest increasing by 20.56% in the last 24 hours. This growth rate surpasses established exchanges like Kraken, which saw a 19.02% increase, and OKX with an 8.08% rise. The current price of Dogecoin stands at…

---

Filed under: News - @ January 16, 2025 5:25 pm