The Dogecoin open interest has been on a steady climb lately and on the 10-year anniversary of the meme coin, the open interest broke a new 6-month high. Open futures interest rose to $625 million on Wednesday, December 6, showing just how much interest the meme coin has been seeing lately.

Dogecoin Open Interest At New 6-Month High

Dogecoin 미결제약정이 6개월 최고치 기록

Dogecoin’s open interest saw a considerable spike between the months of October and December after the price began a steady climb. This took the open interest from around $240 million in August to as high as $625 million by early December.

As Bitcoinist previously reported, this steady increase in the open interest could signal a price rally is coming. It actually means more investors are betting on the price of the digital asset, and while it could go either way, it is also a testament to many eyes following DOGE’s price performance.

이전에 Bitcoinist가 보고한 바와 같이 미결제약정의 꾸준한 증가는 가격 상승이 다가오고 있다는 신호일 수 있습니다. 이는 실제로 더 많은 투자자가 디지털 자산의 가격에 베팅하고 있음을 의미하며 어느 쪽이든 갈 수 있지만 DOGE의 가격 성과를 따르는 많은 눈이 있다는 증거이기도 합니다.

The historical performance also shows that there has been a price increase usually when the open interest rises, and DOGE has not failed this time around. Since the initial Bitcoinist report, the DOGE price has risen from $0.084 to as high as $0.1 before correcting back downward. This suggests that the Dogecoin price is following its historical performance and the increase in open interest heralds good tidings for the coin.

The last time that the Dogecoin open interest was this high was back in April 2023 and like always, the price had risen in tandem with this metric. However, given the price performance that followed the spike in April 2023, it might not all be good news for the DOGE price going forward.

마지막으로 Dogecoin 미결제약정이 이렇게 높았던 때는 2023년 4월이었고 언제나 그렇듯이 가격은 이 지표와 함께 상승했습니다. 그러나 2023년 4월 급등 이후의 가격 성과를 고려할 때 향후 DOGE 가격에 모든 것이 좋은 소식은 아닐 수도 있습니다.

DOGE Could See A Price Decline

Given that historical performance points toward a bullish performance, it is also prudent to look at the times when historical performance has ended in a bearish trend. A case of this is in April 2023 when the open interest began to lose momentum. As a result, the price declined rapidly.

Dogecoin’s open interest is already seeing a decline, as data from Coinglass shows it fell 10% between Wednesday and Thursday, although there was a small 1.89% uptick on Friday. This could suggest a more bearish impulse compared to a bullish trend. If this happens, then the DOGE price could return to $0.08.

However, if the bullish trend holds similarly to October 2022 when the price went from $0.06 to $0.15, the DOGE price could mount a 100% rally from here. This would put the meme coin’s price just shy of $0.2, validating analysts’ expectations of a bullish rally coming for Dogecoin.

그러나 강세 추세가 가격이 $0.06에서 $0.15로 상승한 2022년 10월과 유사하게 유지된다면 DOGE 가격은 여기에서 100% 상승할 수 있습니다. 이로 인해 밈 코인의 가격은 0.2달러에 조금 못 미치는 수준이 되어 Dogecoin의 강세 랠리에 대한 분석가들의 기대가 입증되었습니다.