Dogecoin Open Interest Jumps 9.2 Billion in 24 Hours, What Next for DOGE Price?

Dogecoin Open Interest Surge Amidst Recovery Signs

As the broader digital currency market shows signs of recovery, Dogecoin (DOGE) is experiencing a gradual increase in open interest.

According to data from CoinGlass, Dogecoin's open interest has recovered over the past 24 hours. It currently stands at 9.16 billion DOGE, representing a 1.06% rise in the past four hours.

Dogecoin Open Interest and Exchange Impact

The commitment of over $2.2 billion to futures trading indicates renewed interest in Dogecoin following the market slowdown. Top exchanges such as Gate.io, Binance, Bybit, Bitget, and OKX account for the majority of open interest.

Gate.io holds the largest exposure among DOGE whales in the futures market, with $754.73 million worth of DOGE committed, constituting 32.9% of the market share. Binance follows with over 2.24 billion DOGE, valued at $559.28 billion.

Bybit, Bitget, and OKX hold 1.57 billion, 914.15 million, and 347.57 million DOGE, respectively. The significant exposure in a bearish market suggests investors' optimism for the future of Dogecoin.

Dogecoin Price Outlook

At the time of writing, Dogecoin trades around $0.2498, down 3.07% in the past 24 hours. It is facing resistance to stay afloat after a period of volatility that pulled it down from its 30-day high of $0.4335.

If open interest gains momentum, Dogecoin may decouple from Bitcoin (BTC). The anticipated Dogecoin ETF product could potentially reinvigorate price rallies in the coming months, depending on its regulatory approval.