According to the data provided by the blockchain analytics company Glassnode, the meme cryptocurrency Dogecoin (DOGE) saw a 63% increase in open interest during the past week alone.

This rapid increase in open interest comes despite the fact that the price of Bitcoin has significantly declined from its recent peak.

The total value of open futures contracts now stands at $1.62 billion.

Glassnode claims that this type of "decoupling" indicates an intense speculative environment. This essentially means that traders are betting more money on the price movement of Dogecoin.

As reported by U.Today, Global Macro CEO Raoul Pal predicted that the leading cryptocurrency could reach new record levels against Dogecoin.

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