Dogecoin Open Interest Surges Past $3.41 Billion as Price Targets $0.27

#Dogecoin (DOGE) is once again grabbing the spotlight in the cryptocurrency market as fresh data reveals a massive spike in open interest, signaling renewed investor confidence in the leading memecoin.

Following a market-wide rebound that pushed DOGE to $0.24 on August 12, the popular dog-themed cryptocurrency has seen a remarkable jump in derivatives activity, with bullish traders eyeing higher price levels.

DOGE Open Interest Soars Amid Market Rebound

According to derivatives market tracker Coinglass, Dogecoin’s open interest across all supported exchanges surged to $3.41 billion in the past 24 hours. This sharp increase comes after the broader crypto market reversed its earlier sideways movement, sparking optimism among traders.

In just the past four hours, DOGE’s open interest has climbed over 3%, despite the token still being in the red over the last day. The uptick suggests that traders are increasing their leveraged positions, betting on short-term bullish price action.

14.41 Billion #DOGE Committed in a Single Day

Open interest reflects the total number of outstanding derivative contracts that have yet to be closed or settled. In DOGE’s case, traders have committed an impressive 14.41 billion tokens to the futures market in the past 24 hours.

This significant capital inflow indicates that a growing number of investors are bullish on DOGE’s near-term prospects and are willing to allocate substantial funds in anticipation of a potential price breakout.

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