8.42 Billion Dogecoin (DOGE) Stun Futures Traders

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Dogecoin (DOGE) is experiencing renewed interest as the broader cryptocurrency market recovers. Overnight, DOGE's open interest surged by 6%, returning to pre-crash levels. Currently, futures traders have committed 8.42 billion DOGE, indicating a significant increase in market activity.

Dogecoin's Open Interest: A Closer Look

With a current open interest valued at $1.39 billion, traders are showing a willingness to accept the inherent risks associated with DOGE. However, volatility remains a concern, posing a threat to DOGE's price support. At the time of writing, DOGE is trading at $0.1684, a 5.13% increase over the past 24 hours. While a significant liquidation imbalance occurred approximately 48 hours ago, highlighting market instability, the recent price increase has reduced weekly losses to under 16%.

Binance holds the largest exposure to DOGE futures, with 2.19 billion DOGE. OKX and Bybit round out the top three exchanges, holding 889.74 million DOGE and 1.38 billion DOGE respectively.

Is Dogecoin ETF Hype Diminishing?

Despite market fluctuations, there's reason for optimism regarding long-term DOGE investments. The recent Dogecoin ETF filing with the U.S. Securities and Exchange Commission (SEC) is viewed as a positive development for investors.

The current price is considered significantly undervalued, particularly given DOGE's peak of $0.4835 within the past 12 months. Analysts anticipate a future DOGE price rally.

Although market volatility persists, the number of active Dogecoin addresses is growing rapidly, suggesting increased user engagement. With positive regulatory developments expected, a significant long-term turnaround is anticipated. Read the original article on U.Today.