Dogecoin, the world’s most famous memecoin, is once again at the center of the cryptocurrency spotlight. Investor confidence in the “dog” cryptocurrency remains strong, despite recent price fluctuations.
According to Coinglass data, on August 12, open interest across all supported exchanges reached an impressive $3.41 billion after a sudden shift in market sentiment. This turnaround came just a few hours after DOGE had been trading sideways at around $0.24.
A Rapid Reversal and Growth in Just Hours
In the last four hours alone, DOGE open interest surged by more than 3%, despite the token being in the red the previous day. This sharp increase was driven by a broader cryptocurrency market rebound, which brought a wave of optimism across altcoins.
Investors moved quickly, pouring 14.41 billion DOGE into the futures market in just one day — a clear sign of growing optimism about the token’s potential upside.
Market Data Suggests a Potential Bullish Wave
Although Dogecoin traded in negative territory during the morning session, the rapid price rebound resulted in a daily gain of 4.09%. According to CoinMarketCap, while trading volume remains muted, market capitalization has risen 3.93% over the past 24 hours — possibly signaling preparation for a stronger move ahead.
This sudden spike also partially quieted speculation that DOGE’s price would remain stagnant until the U.S. SEC potentially approves a DOGE ETF.
Analysts See Room for a Move to $0.27
Seasoned crypto analyst Ali Martinez highlighted that Dogecoin’s hourly chart is flashing a strong bullish signal. Based on technical analysis, he predicts the price could climb to $0.27 if the positive sentiment holds.
Renewed investor confidence and rising open interest could serve as a catalyst for another bullish wave that this iconic memecoin may soon ride.
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