Dogecoin (DOGE) is experiencing an impressive surge in futures interest, increasing by 63% over the past week.
Spike in Dogecoin Futures Interest
According to data from analytics firm Glassnode, the interest in Dogecoin (DOGE) futures has surged by 63% within a week, with the total value of open positions now at $1.62 billion.
Comparison with Other Cryptocurrencies
Despite a significant pullback in Bitcoin's price from its recent peak, Dogecoin showed a rise of over 40% in the past week, becoming the best-performing altcoin in the top ten.
Dogecoin Forecasts and Outlook
Global macro CEO Raoul Pal predicted that Dogecoin could achieve new highs against Bitcoin. However, it is worth noting that DOGE is still down 68% from its record high recorded back in May 2021.
The surge in futures interest for Dogecoin indicates increasing speculative attention towards this cryptocurrency, which may affect its future dynamics.
