DOGE price: Dogecoin zooms 10% in breakaway from bitcoin as open interest hits year-high
Dogecoin surged 10%, outperforming Bitcoin, as futures open interest reached a yearly peak, indicating increased trader leverage and bullish sentiment.Summary
Dogecoin has seen a significant price increase of approximately 10% over the past week, surpassing Bitcoin's performance as its futures open interest hit a yearly high of 15.36 billion tokens. This surge in open interest suggests that traders are actively employing leverage, signaling strong risk appetite and reinforcing a bullish trend for DOGE. The influx of new money, evidenced by rising spot prices and futures open interest, indicates market growth rather than the closing of old positions. Major exchanges like Binance, Bitget, Bybit, and OKX are contributing to this trend, with the rally not confined to a single platform. Market observers attribute DOGE's rise to multiple factors, including accumulation by large holders, the listing of a physically backed ETP, positive Grayscale flows, and increased on-chain activity. While the potential integration of Dogecoin with Elon Musk's X payments platform remains a speculative factor, traders are currently positioning for further upside, with the futures market reflecting this conviction.
(Source：CoinDesk)