Dogecoin rose to $0.2000 and then fell despite interest from retail investors.
Meme coin prices rose by over 12% in 24 hours, surpassing smart contract platforms and layer one protocols.
The open interest in the Dogecoin futures market has risen to $2.65 billion, and trading volume reached $7.20 billion.
Dogecoin (DOGE) rose to $0.1990 on Friday along with other major cryptocurrencies. The largest meme coin is gaining popularity, peaking in May at $0.2597. The continuous increase in open interest (OI) indicates a risk-taking mentality.
Meme coins outperform smart contract platforms and layer one technologies.
The market capitalization of smart contract platform protocols was $3.2 trillion, with an average increase of 6.2%. Layer one tokens achieved a price increase of 6.1% over 24 hours and a market share of around $3.1 trillion.
Meme coins may gain popularity if investors diversify their portfolios or shift funds from Bitcoin (BTC), which reached a historic high of $118,869 on Friday.
CoinGlass data shows an open interest in Dogecoin futures contracts worth $2.57 billion, which includes all unpaid futures and options.
After dropping to $1.7 billion on July 2, traders have increased their appetite for Dogecoin, with futures market volume rising to $7.2 billion.
Many short-position traders are realizing losses after the price rose to $0.2000. The data below shows that short positions lost $10 million and long positions lost $3 million in the previous 24 hours. With a long-to-short ratio exceeding 1.0000, Dogecoin may extend its rise with strong support and trading confidence.
With its position far from the rising moving averages, the meme coin is positive. The 200-day exponential moving average (EMA) is $0.1818, the 100-day average is $0.1748, and the 50-day average is $0.1725, supporting the upward trend but may absorb selling pressure if Dogecoin pulls back due to profit-taking.
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