Dogecoin Open Interest Sees Significant Increase As DOGE Hits 34-Day Price Peak

Mila July 22, 2024

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Following renewed optimism from investors and traders, Dogecoin, the largest dog-themed meme coin in the crypto market has witnessed a surge in its Open Interest (OI), as DOGE reached its highest Price in over a month.

The entire amount of derivative contracts, such as futures and options, is known as open interest. Thus the recent rise in DOGE’s open interest suggests increased trader activity and growing market interest in the dog-themed meme coin.

Dogecoin’s Price Uptick Attracts Investors’ Interest

Trading platform and analyst, TOBTC shared the positive development on the X (formerly Twitter) platform, which has attracted positive sentiment from Dogecoin enthusiasts within the crypto community. According to the analyst, since DOGE’s price hit a 34-day high on July 20, market traders’ interest in the crypto asset has soared, resulting in a 19% spike in open interest.

As of the time of the X report, the open interest in DOGE rose to almost $647.19 million, which is the highest level since the beginning of July. However, the number is currently valued at $742.21 million, according to Coinglass.

Dogecoin — DOGE Open Interest hit the highest level in July | Source: TOBTC on X

Considering the significant rise of the open interest, it appears DOGE traders are increasing their positions following the recent price spike to its highest level in the past month. Dogecoin’s price surge on Saturday attracted a gain of up to 18%, reaching about $0.133 level.

The price increase comes as the market is now much in favor of Greed, which suggests that the entire crypto market is becoming more bullish. However, despite the optimistic sentiment, TOBTC highlighted that several crypto experts warn against possible pullbacks for DOGE, indicating the volatility involved with digital assets.

TOBTC also noted that the price of Dogecoin has grown as a result of heightened speculation regarding September interest rate decreases and hope for a possible pro-crypto position from Donald Trump, should the former president win the upcoming United States Presidential election, scheduled to be held in November.

As DOGE continues to display this recent bullish move, market traders and analysts are closely watching the digital asset for further movements, while anticipating a new all-time high in the short term.

DOGE To $0.30 Could Happen In The Coming Weeks

Since the price spike during the weekend, several crypto analysts have shared their insights on the bullish move. World of Charts, a crypto analyst and enthusiast has predicted that with the recent price momentum, DOGE could be approaching the $0.30 level soon.

According to the expert, Dogecoin is currently running a 25% profit, while breaking another resistance of the falling wedge retesting process. As a result, the analyst believes DOGE could reach $0.30 in the upcoming weeks if the retest is successful.

Data from CoinMarketCap shows that DOGE’s price has managed to maintain its bullish rise, trading at $0.138, indicating an increase of over 5% in the past day. Its market cap and trading volume have also increased by 5.14% and 41%, respectively, in the past day.