Despite a 4% decrease in Dogecoin's value over the past week, many traders remain confident about the future of this cryptocurrency.
Price Drop of Dogecoin
In the past week, Dogecoin's valuation has dropped by approximately 4%. However, the intriguing trading volume in the derivatives markets remains high. Over the last 24 hours, trading volume reached nearly 15 billion DOGE, which is approximately $3.42 billion.
Trading Activity on Platforms
Major platforms such as Binance and Gate are actively facilitating trading operations. The open positions on the Gate platform account for 3.29 billion DOGE, equating to roughly $750.2 million or 21.92% of the total market's open positions. Binance is also experiencing substantial activity, further confirming traders' sustained confidence in Dogecoin.
Expert Opinions on the Future of Dogecoin
Experts note that the continued increase in open positions underscores bullish expectations, but they advise market participants to remain cautious given the volatile nature of crypto markets. CITE_NA: 'Such an increase in open positions indicates a strong expectation still exists in the market.'
The ongoing activity in the derivatives segment showcases enduring interest in Dogecoin, indicating that traders remain optimistic about its potential, regardless of recent price fluctuations.
