🚨 DOGE Futures Open Interest Surges Amid Price Dip — What’s Going On? 🐕📉
Despite a recent decline in Dogecoin's price, futures open interest has surged by 63.9%, climbing from $989 million to $1.62 billion over the past week, according to Glassnode data.
What does this mean?
📈 Increased Speculation: The rise in open interest suggests that traders are entering more speculative positions, anticipating future price movements.
⚠️ Potential Volatility: Such a divergence between price and open interest can indicate upcoming volatility, as leveraged positions may lead to rapid price swings.
Stay Informed: While increased open interest can signal confidence, it's essential to monitor market conditions closely, as it may also precede significant price corrections.
