Amid signs of recovery in the digital currency ecosystem, Dogecoin (DOGE) is witnessing a gradual increase in open interest data.
Dogecoin Open Interest and Exchange Impact
More than $2.2 billion has been involved in futures trading, supporting renewed interest in Dogecoin after a market slowdown. Interest in exchanges like Gate.io, Binance, Bybit, Bitget, and OKX aligns with the sentiment that a DOGE breakout might be near. Gate.io houses the largest futures market exposure for DOGE with $754.73 million in assets, accounting for 32.9% of the market share. On Binance, more than 2.24 billion DOGE were registered, valued at $559.28 billion.
DOGE Price Dynamics
As of this writing, the price of Dogecoin is $0.2498, down 3.07% in 24 hours. The coin is battling to maintain its position after sharp volatility pulled it down from a 30-day high of $0.4335. Should open interest figures gain momentum, DOGE might begin to decouple from Bitcoin (BTC).
DOGE Prospects
Despite claims that Dogecoin's uptrend might be over, the anticipated DOGE ETF product is likely to reboot price rallies in the coming months, depending on how events unfold between issuers and the U.S. SEC.
Overall, current changes in Dogecoin's open interest may significantly influence its price, especially in light of the potential launch of the DOGE ETF product.
