Will DOGE Hit $1? Rising OI and Liquidations Point to Growth

Dogecoin's Bull Run Potential

Dogecoin (DOGE), the renowned memecoin, has witnessed a gradual start during this bull run, prompting analysts to scrutinize its investment potential. However, crypto analyst and investor Ali contends that DOGE's popularity is yet to reach its peak.

Data indicates that DOGE's current interest level is around 30, significantly lower than previous bull runs, which reached highs of 50, 70, and 100. However, the steady rise suggests that DOGE has ample time and potential for growth during this bull run, potentially surpassing its all-time high (ATH), akin to Bitcoin (BTC).

Futures Open Interest

DOGE's Futures Open Interest (OI) stands at 8.14B DOGE, valued at $3.04B. Binance holds the dominant position with a 3.06B DOGE OI, followed by Bybit with 2.55B DOGE OI and OKX with 1.02B DOGE OI. Binance has experienced a notable 3.83% increase in OI change, while Bybit has a 5.42% increase.

Conclusion

While DOGE has initially been cautious in this bull run, analysts like Ali believe that its potential for growth remains significant. As the bull run progresses and interest in DOGE intensifies, it is possible that the memecoin could break its ATH and establish itself as a force to be reckoned with in the cryptocurrency market.