Dogecoin Futures Surge to $1.44B: Is a Price Breakout Coming?

Source: CryptoNewsNet Original Title: 11,900,000,000 Dogecoin in 24 Hours, DOGE Price Breakout Incoming? Original Link:

Overview

Dogecoin (DOGE), the biggest meme coin by market capitalization, shows a notable resurgence in its futures activity, hinting at an incoming price rally. Over the past 24 hours, the Dogecoin open interest jumped to $1.44 billion.

Spike in Dogecoin Open Interest

According to market data, 11,900,000,000 DOGE were committed in open interest over the past day. In fiat terms, this translates to $1.44 billion, signaling renewed interest across the Dogecoin network.

This surge in Dogecoin futures activity marks one of the highest open interests seen over the past few months, signaling a resurgence in speculative appetite for Dogecoin.

Investors on a major exchange committed the highest open interest to the total over the past day, pledging 2.08 billion DOGE valued at $254.5 billion to the asset, representing 17.75% of the total open interest. Other major exchanges followed, with significant contributions from multiple platforms including Gate.

DOGE Price Stalls, But Hope Remains

Open interest refers to the total value of unsettled active futures contracts that investors have committed to Dogecoin. Higher open interest usually indicates positive momentum in the Dogecoin ecosystem, which eventually reflects in the price.

As of recent data, Dogecoin is trading at $0.1228, showing a price decline of 2.73% over the last day.

While Dogecoin has only seen its price show weakness, it appears that traders have increasingly committed more tokens to the derivatives market. Their actions are likely in preparation for a potential breakout.

Moreover, the Dogecoin price traded positively during the early hours of the day, before flipping to the downside. Additionally, the trading volume offers a good spotlight for engagement in the meme coin ecosystem.

Furthermore, the launch of a DOGE exchange-traded fund (ETF) in the U.S. also opens the meme coin up for future price breakouts.