Dogecoin Open Interest Surges To Record $1.49 Billion
March 05 2024 - 1:00PM
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The Dogecoin open interest (OI) is surging after a week of
remarkable price action. The meme coin which rose over 100% has
continued to enjoy the attention of investors and traders alike,
leading its open interest to reach a new all-time high. Dogecoin
Open Interest Taps Record $1.49 Billion Data from Coinglass shows
that there was an exponential growth in the Dogecoin open interest
in the first five days of March. The open interest had closed out
the month of February $870.22 million. However, only five days
later, Dogecoin’s OI has risen to $1.49 billion. This rapid
increase in less than one week translates to an over 70% increase
in the open interest, reaching a brand new all-time high. Related
Reading: Shiba Inu Blasts Into Top 10 Crypto Following 175% Price
Surge The increase did not come out of nowhere, as the DOGE price
had begun to recover during this time. It closed out February at a
price of $0.09, but by March 5, the price has already seen an 100%
increase, briefly hitting $0.2 before correcting back downward to
its current price of $0.18. The open interest represents the
interest in the meme coin as it is a total of all of the open
derivatives positions in DOGE at any given time. This means that
crypto traders are betting more on the price of Dogecoin and taking
short and long positions in DOGE at an unprecedented rate. Three
exchanges currently control the vast majority of the DOGE OI,
namely ByBit, Binance, and OKX. ByBit takes the lead, commanding
$584.13 million of 3.25 billion DOGE OI. Binance takes the second
position with $511.22 million or 2.85 billion DOGE, and OKX comes
in third with $194.17 million or 1.08 billion DOGE. DOGE Traders
Caught In Tug-Of-War Presently, the Dogecoin price seems undecided
on where it is headed next, which has led to almost equal
liquidations across the camps of bulls and bears. As mentioned
above, the DOGE price had briefly touched $0.2, leading to
liquidations across shorter. However, its downward correction has
been just as detrimental to long traders. Related Reading: Crypto
Expert Says ‘Prepare Yourself’ For Massive Altcoin Run, Here’s Why
Coinglass data shows that in the last 24 hours, DOGE traders have
lost $33.92 million. Interestingly, long traders have actually lost
more during this time as they account for $17.44 million in
liquidations. While short traders have lost $16.32 million during
the same time period. On the shorter time frame, long traders are
still suffering more losses with $2.26 million lost in the last
four hours compared to $453,280 in short positions. However, while
this shows bulls are taking a beating, it is also proof that
bullish sentiment among traders when it comes to the DOGE price
remains strong. At the time of writing, DOGE’s price is siting
$0.18 with a 7.49% increase in the last 24 hours, and an 85.98%
increase in the last week. DOGE price at $0.18 | Source: DOGEUSD on
Tradingview.com Featured image from Markets Insider, chart from
Tradingview.com
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