$BTC The OI of Dogecoin sees a massive increase of 64%

According to data provided by the blockchain analysis firm Glassnode, the meme cryptocurrency Dogecoin (DOGE) has experienced a 63% increase in open interest for futures just in the last week.

The rapid increase in OI comes despite Bitcoin's price significantly retreating from its recent peak.

The total value of open futures positions now amounts to the astonishing figure of $1.62 billion.

Glassnode claims that this type of "decoupling" indicates intense speculative positioning. This essentially means that traders are betting more money on the price action of Dogecoin.

According to data from CoinGecko, the price of Dogecoin (DOGE) has increased by more than 40% in the last week, making it the best-performing altcoin in the top 10.

As reported by U.Today, the CEO of Global Macro Raoul Pal predicted that the leading cryptocurrency could reach new highs against Bitcoin.

It is worth mentioning that DOGE is still 68% below the all-time high recorded in May 2021.