In the last 24 hours, Dogecoin (DOGE) has demonstrated a significant increase in open interest and trading volume, indicating growing interest among traders.
Overall Dogecoin Open Interest
According to CoinGlass, Dogecoin has recorded an open interest of 10.79 billion DOGE, equivalent to approximately $2.11 billion. This figure has seen a 1.78% increase over the past 24 hours, indicating heightened interest from holders of this meme coin.
Major Exchanges Driving Dogecoin Growth
The most significant interest from traders betting on the upward movement of DOGE is observed on Gate.io and Binance, with open interest accounting for 24.25% and 22.36% respectively. This corresponds to $511.13 million and $471.38 million in fiat currency. Other key contributors include Bybit with $330.89 million, Bitget with $219.03 million, and OKX with $217.34 million.
Growing Confidence in DOGE's Upsurge
As reported by U.Today, the spike in trading volume for Dogecoin has supported an increase in investor confidence for its recovery. Over the last 48 hours, DOGE recorded a $998 million spike in trading volume, driven by significant upgrades in its central operating system that are crucial for ecosystem security. The uptick in open interest reflects increasing confidence among DOGE investors.
Thus, there is a steady increase in interest and confidence among Dogecoin traders, which may herald further price growth for this cryptocurrency.
