In the last 24 hours, Dogecoin market activity has surged, with traders committing 9.05 billion DOGE in open interest.
Open Interest Spike
Data from CoinGlass shows that open interest has spiked by 4.81% in the last 24 hours, reflecting investor confidence in the future rise of Dogecoin's value. This comes amidst bearish prediction signals but is bolstered by updates on the Bitwise DOGE ETF filing on NYSE Arca.
Major Exchanges at the Forefront
The highest contribution to open interest came from Gate.io, registering 31.48%, or 2.85 billion DOGE worth $590.62 million. Binance followed with 2.26 billion DOGE valued at $467.23 million, or 24.9% of the total open interest.
Future of Dogecoin
As of now, DOGE stands at $0.2071. Analysts forecast that a rise in trading volume may positively affect the price if current trends continue.
Future open interest figures might be a critical indicator of Dogecoin's price movements.
