Dogecoin (DOGE) has recorded a significant 2.44% uptick in open interest as traders bet on the futures market tied to the meme coin. According to CoinGlass data, investors committed to 10.60 billion DOGE valued at $1.80 billion in fiat currency in the last 24 hours.
The amount of fiat currency committed to the Dogecoin futures market suggests tremendous confidence for traders. Despite lingering market volatility, these traders anticipate price recovery for DOGE, which has lost 9.31% of its value in the last seven days
Notably, the confidence level is highest among Gate.io exchange traders, who account for 25.7% of the total futures open interest. These investors have committed $463.27 million to boost the meme coin. Binance investors closely follow them with $414.96 million. Other exchanges with significant commitments are Bybit, Bitget & OKX, with $277.63 million, $190.91 million & $184.62 million, respectively.
Following the uptick in open interest, Dogecoin has begun its recovery journey in the crypto market. As of press time, DOGE is changing hands at $0.1703, representing a 1.44% increase in the last 24 hours. However, trading volume has not mirrored price recovery. It is still down by 13.20% at $888.51 million.#Write2Earn $DOGE