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Dogecoin's market activity surged in the last 24 hours, with traders committing 9.05 billion DOGE in open interest—a total of $1.88 billion. This significant increase reflects investor optimism about DOGE's near-term price, despite broader market uncertainty.

Open Interest Surge Signals Bullish Sentiment

CoinGlass data reveals a 4.81% spike in open interest over the past 24 hours, driven by increased investor positions in the meme coin. While some analysts predict a looming "death cross" signal, this substantial open interest suggests investors are betting on DOGE's upward trajectory.

The recent NYSE Arca filing for a Bitwise DOGE exchange-traded fund (ETF), notably listing Coinbase as custodian, likely contributes to this bullish sentiment.

At press time, DOGE trades at $0.2071, a 2.37% increase in the last 24 hours. While it briefly reached $0.2192, it lacked support at $0.21. Market observers note that increased trading volume (currently down 16.83% at $1.69 billion) could significantly impact the price.

Major Exchanges Driving Open Interest

Gate.io holds the largest share of the committed $1.88 billion, accounting for 31.48% (2.85 billion DOGE, or $590.62 million). Binance follows with 24.9% (2.26 billion DOGE, $467.23 million), followed by Bybit (1.41 billion DOGE, $291.54 million) and Bitget (979.91 million DOGE, $202.89 million).

The coming days will reveal whether this high open interest translates into sustained price support for DOGE. Read original article on U.Today