Price: $0.38504 2.0694%
Market Cap: 56.56B 1.74%
Volume (24h): 8.06B 0.4%
Dominance: 1.74%
Price: $0.38504 2.0694%
Market Cap: 56.56B 1.74%
Volume (24h): 8.06B 0.4%
Dominance: 1.74% 1.74%
  • Price: $0.38504 2.0694%
  • Market Cap: 56.56B 1.74%
  • Volume (24h): 8.06B 0.4%
  • Dominance: 1.74% 1.74%
  • Price: $0.38504 2.0694%
Home > Information news > Dogecoin derivatives volume surge by 110%; Here is what it means for DOGE

Dogecoin derivatives volume surge by 110%; Here is what it means for DOGE

Release: 2023/11/18 19:58 Reading: 246

Original author:TheBitTimes

Original source:https://coinmarketcap.com/community/articles/6558a160735492684cc253d6

Dogecoin (DOGE) registered a massive spike in its derivatives volume in a 24-hour time frame, with a relevant weight compared to its market capitalization. This surge means an increased interest by the cryptocurrency market in the leading memecoin.

Notably, Dogecoin derivatives volume more than doubled in a day, according to data from CoinGlass retrieved by Finbold on November 17. As of writing, speculators were trading $5.04 billion worth of DOGE using derivatives.

The spike followed a price increase for Dogecoin in the spot market, trading at $0.083 for approximately 4% daily gains. In the meantime, other cryptocurrencies were registering losses in price and derivatives volume.

Interestingly, the volume surge happened while keeping the balance between long and short positions. Traders opened a total of $2.33 billion (49.48%) and $2.38 billion (50.52%) in each position, respectively.

Derivatives stats for the top 5 cryptocurrencies

Cryptocurrency

3 cryptocurrencies to buy for Black Friday

Cryptocurrency

Dogecoin on-chain transactions spike; Will DOGE hit $0.1?

Cryptocurrency

Number of Dogecoin millionaires plunges by 40% in a year

Cryptocurrency

Short squeeze alert for November 10: Two cryptocurrencies with potential to skyrocket

Cryptocurrency

DOGE ‘sandwiched’ between crucial price walls; Breakout soon?

It is also possible to see other cryptocurrencies’ performances in the same “Crypto Derivatives Trend” dashboard used to retrieve Dogecoin’s data.

Bitcoin’s (BTC) derivatives volume was falling by 24.54% to $45.66 billion worth of contracts, for 6% of its $711 billion market capitalization. Meanwhile, Ethereum (ETH) lost 14.42% of daily volume to $23.62 billion, accruing more than 10% of its $233 billion market cap.

At the same time, Solana (SOL) lost 5.56% to $8.68 billion in derivatives volume. The XRP Ledger (XRP) had the smallest volume among the top 5, with $1.75 billion and a daily loss of 3.67%.

Essentially, XRP’s derivatives volume represents 5.3% of its $32.58 billion market capitalization, slightly weighting toward short positions with a 52.50% domination over longs. As for comparison, Dogecoin’s current volume represents 42% of its $11.83 billion market cap.

Source: https://thebittimes.com/dogecoin-derivatives-volume-surge-by-110-here-is-what-it-means-for-doge-tbt70776.html

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.