Dogecoin Derivatives Volume Jumps 111% As Open Interest Spikes, But What About Price?
15 Maggio 2024 - 1:00AM
NEWSBTC
A number of Dogecoin metrics have turned bullish in the last few
days, showing increased interest from investors. This ranges from
the meme coin’s daily derivatives trading volumes to its open
interest seeing a significant increase. However, in the midst of
this, the Dogecoin price has remained limp, sparking worries among
investors. Dogecoin Derivatives Volume And Open Interest See
Increase One of the major Dogecoin metrics that has seen a
significant increase recently is its derivatives trading volume.
The trend began on Monday when the derivatives trading volume saw a
60% uptick. However, it seems DOGE traders are far from done as the
volume has almost doubled since that time. Related Reading: Analyst
Points Out Level To Beat If Bitcoin Is To Reach $76,000 According
to data from Coinglass, the Dogecoin derivatives trading volume is
up 111% in the last day alone. This has pushed the derivatives
trading volume to $3.85 billion, a significant increase from the
$1.99 billion that was recorded on Monday. The launch of Dogecoin
futures contracts by Coinbase, the leading crypto exchange in the
United States, may have something to do with this. Following the
launch on April 1, 2024, the meme coin has seen increased interest
in its derivatives products, which explains the increase in the
volume. However, the derivatives trading volume is not the only
thing that has seen an uptick during this time. As Coinglass data
shows, the Dogecoin open interest has also risen significantly
during this time. It has seen an approximately 12% increase in the
last day to touch above $830 million. Despite this increase in the
Dogecoin open interest, it is still a long way from its all-time
high of $1.91 billion that was recorded on March 29. So, the
current open interest of $830 million represents an over 50%
decline from its all-time high. At the same time, the DOGE price is
still struggling, showing a disconnect between the rise in metrics
and the price of the meme coin. DOGE Price Doesn’t Respond To
Bullish Metrics The Dogecoin price has remained muted during this
time, even with the increased momentum. The total daily trading
volume of the meme coin is up 128% in the last day. However, its
price has barely moved 4%, even amid the meme coin craze sparked by
the GameStop (GME) 100% rally. Related Reading: Analyst Who
Predicted Solana’s 1,100% Move Reveals Where The Altcoin Is Headed
Next DOGEs price has barely moved during this time and the
resistance at $0.15 is waxing stronger. This suggests that the
focus is no longer on Dogecoin during meme coin craze and rather on
newer counterparts such as Solana-based GME and AMC, which have
seen incredible rallies in the last day. At the time of writing,
the DOGE price is trending at $0.49, with a 3.48% increase in the
last day. However, in the longer time frame, the meme coin is
struggling with 5.79% and 4% losses on the weekly and monthly
charts, respectively. Featured image from New York Magazine, chart
from Tradingview.com
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