What next for DOGE price?
At the time of writing, the price of Dogecoin was changing hands for $0.2498, down 3.07% in 24 hours. The coin is battling to stay afloat after sharp volatility pulled it down from its 30-day high of $0.4335. Should the open interest figures gain momentum, DOGE might be forced to decouple from Bitcoin (BTC).
Gate.io harbors DOGE whales with the largest exposure in the futures market; $754.73 million worth of DOGE was committed, 32.9% of the market share. On Binance, more than 2.24 billion DOGE were registered in open interest, a figure worth $559.28 billion.
Bybit, Bitget and OKX are 1.57 billion, 914.15 million and 347.57 million DOGE, respectively. With the level of exposure amid a bearish market outlook, there is evidence that investors are optimistic about the future of the top meme coin.
Dogecoin open interest and exchange impact
That more than $2.2 billion was committed to futures trading remains complementary to the renewed interest in Dogecoin after the epic market slowdown. The interest in top exchanges like Gate.io, Binance, Bybit, Bitget and OKX aligns with the sentiment that the DOGE breakout might be close.
