Dogecoin (DOGE) surges 64%, speculative frenzy ignores pullbacks, the next explosion is imminent!
Latest data shows that the open interest in Dogecoin (DOGE) futures skyrocketed from $989 million to $1.62 billion in the past week, an increase of nearly 64%! This astonishing growth indicates that despite the recent pullback in DOGE prices, market speculation enthusiasm remains undiminished and is intensifying, as if a 'Dogecoin carnival' is brewing!
Famous analysis firm Glassnode released a report on platform X, stating that the surge in Dogecoin's futures open interest means that market leverage is climbing, and investors are frantically increasing their positions. Typically, such a trend exacerbates price volatility, and DOGE may be on the brink of a 'rollercoaster-style' market!
Even more shocking is that even if DOGE's growth slows, speculative funds are still pouring in, showing that market faith in this 'meme coin king' remains unshaken. Glassnode emphasized: 'This phenomenon of price pullbacks decoupling from open interest is extremely rare, indicating that speculators are still betting on DOGE's next wave of explosion!'
Not only DOGE, but XRP's futures open interest also surged by 41.6% during the same period, soaring from $2.4 billion to $3.4 billion!
Glassnode analyzes that this leverage surge coincides with price increases, reflecting that market speculative sentiment has fully erupted, and investors' 'directional belief' in cryptocurrencies is strengthening.
As of the time of writing, DOGE is quoted at $0.236, with a rise of over 42% in the past 7 days! Despite a short-term pullback, the continuous growth of open interest suggests that there is still a lot of capital waiting to enter the market. If buying continues to surge, DOGE is likely to challenge the critical resistance level of $0.3 once again, and even challenge new highs for the year!
