Open interest in Dogecoin (DOGE) has seen a significant increase in the past 24 hours, rising by 5.24% to reach $1.3 billion. This growth indicates higher market activity and increasing interest in Dogecoin. The majority of trading volume is dominated by exchanges Binance and Bybit.
Speculation and Price Growth of DOGE
Open interest (OI) is an important indicator that shows the amount of money flowing into a specific market. The increase in OI for DOGE suggests that more traders are taking positions, which could influence the price direction of this cryptocurrency.
In this case, the rise in OI for Dogecoin, specifically at the level of $1.3 billion, is concentrated solely in perpetual contracts. These contracts do not have an expiration date, making them attractive to speculators who want to continuously respond to price changes without needing to renew their positions.
Binance and Bybit Dominate the DOGE Market
According to data from Coinalyze, Binance and Bybit are the two exchanges that dominate the open interest market for Dogecoin. The open interest on Binance reaches $581 million, while on Bybit it stands at $410 million. OKX is in third place with $244 million. Other exchanges like Huobi, BitMEX, and Kraken have a smaller share of the market.
This concentration of trading activity on a few key platforms shows that the majority of Dogecoin transactions take place on a few dominant exchanges. The 5% increase in OI indicates that more traders are preparing for the next price movement of DOGE, whether up or down.
Possible Price Change for DOGE on the Horizon
Although OI data does not show whether traders are holding long or short positions, the increase in interest suggests that the price of Dogecoin could soon experience a change. The further direction of the market will depend on the volume of leveraged positions and the next move, which will determine whether this growth leads to profits or losses.
New Money Flowing into OKX and Coinbase
In the past few hours, the highest trading activity for DOGE was recorded on Binance, with a trading volume of $18.57 million. OKX ranked second with $10.97 million. Activity on exchanges such as Kraken, Coinbase, and Bybit was lower, with volumes between $4.34 million and $5.15 million.
Data shows that the majority of new money entering the DOGE market ended up on OKX ($1.33 million) and Coinbase ($1.25 million). In contrast to these two platforms, exchanges like Binance, Kraken, and Coinbase had only a small net inflow.
Dogecoin Remains the Leader in the Meme Coin Sector
Dogecoin remains at the top of the meme coin sector, with Shiba Inu in second place. This strength and growing interest in DOGE show that this meme coin still holds a strong position in the cryptocurrency market.
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