In the last 30 days, Dogecoin (DOGE) has plunged by a massive 26% as the price fluctuates on the meme coin market. As shown by DOGE’s open interest, amid this market uncertainty, traders remain optimistic and are betting on a big break for the king of meme coins.
Traders bet big on DOGE comeback
CoinGlass data reveals that in the last 24 hours, investors have committed 10.50 billion DOGE worth $1.84 billion to the futures market. The volume of fiat currency spent on acquiring the meme coin suggests a bullish outlook from these investors.
Open interest refers to the total value of unsettled active futures contracts that investors have committed to Dogecoin. The current volume indicates sustained interest by DOGE holders, who might anticipate a bullish twist soon.
As of press time, Dogecoin is changing hands at $0.1757, representing a 6.18% decline in the last 24 hours. In earlier trading, the value of DOGE peaked at $0.19 before dropping rapidly. Despite this correction, trading volume remains green and has risen by 44.92% to $1.95 billion.
According to CoinGlass data, the Gate.io exchange has the highest number of traders betting on Dogecoin’s big comeback. They account for 24.97% of total open interest, with 2.62 billion DOGE worth $460.24 million.
Binance, Bybit and OKX follow with 2.35 billion DOGE, 1.73 billion DOGE and 1.07 billion DOGE, respectively.
What’s next for Dogecoin?
Dogecoin’s increasing trading volume amid the low price and significant open interest signals that DOGE holders believe the price has bottomed out. They might be betting on a breakout to $0.20 as the meme coin climbs into recovery mode.
Market participants believe a sustained volume could catalyze DOGE’s retesting of the $0.20 price level.
Perhaps Dogecoin’s current struggle is due to the bearish sentiment in the meme coin space and the correction in the price of Bitcoin. All in all, traders remain optimistic of a rally soon.
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