Dogecoin reveals a significant increase in open interest, signifying rising investor confidence amid its bullish price performance.
Growth of Dogecoin's Open Interest
According to CoinGlass data, Dogecoin's open interest jumped by 20.07% over 24 hours, amounting to $2.4 billion. This represents a total of 8.28 billion DOGE held by futures traders.
Asset Distribution Data
Analysis shows that the bulk of Dogecoin is concentrated across major crypto platforms like Binance, Bybit, and OKX, collectively holding over 6.6 billion DOGE. Binance leads with 3.07 billion DOGE worth $889.13 million. It is followed by Bybit, with 2.42 billion DOGE, and OKX with 1.18 billion DOGE, valued at $699.87 million and $342.11 million, respectively.
Dogecoin's Market Surge
The bullish trend is not isolated to Dogecoin; it spans the larger cryptocurrency market. DOGE's price has increased by 21.39% to $0.2933, while trading volume soared 189.37% to $18.98 billion. Dogecoin has surpassed XRP and USDC in market capitalization, moving from eighth to sixth position.
The rise in Dogecoin's open interest and market capitalization highlights improved investor sentiments. This trend might indicate a potential continuation of its bullish performance.
