The Dogecoin open interest has been on the rise over the previous few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the worth of the meme coin has been reflecting the expansion seen by its open curiosity.
This latest bullish momentum pushed the price of DOGE to break the $0.22 mark, its highest level in three years. Nonetheless, the query is – how far can this rally go for the foremost meme token?
Dogecoin Open Curiosity Breaks Above $2 Billion
In line with data from CoinGlass, the Dogecoin open curiosity broke by the $2 billion mark on Friday, March 29. Though DOGE’s open curiosity stands at round 1.96 billion at press time, it rose as excessive as $2.21 billion on Friday, a brand new report for the meme coin.
Open curiosity is a metric that measures the whole variety of futures or choices contracts of a specific cryptocurrency (Dogecoin, on this case) out there at a given time. It gives perception into the sum of money buyers are pouring into DOGE derivatives presently.
The meme token’s open curiosity has had quite a performance since the start of March. DOGE’s open curiosity rose to $1.6 billion (an all-time excessive on the time) earlier within the month earlier than retracing to under $1 billion by March 20.
It’s price noting that there was a excessive correlation between open curiosity and Dogecoin’s worth, with each climbing on the identical time and at virtually the identical tempo. Sometimes, a rising open curiosity can counsel a continuation of the pattern across the asset’s worth for the time being.
In the end, the current high open interest for DOGE may imply a speedy worth motion for the meme coin within the close to future. Nonetheless, it might be tough to inform the route wherein this spurt of volatility would take the worth of Dogecoin, particularly as open curiosity will not be probably the most optimum indicator of traits or worth motion.
DOGE Worth Overview
As of this writing, the Dogecoin price stands at $0.204, reflecting a 4.6% decline within the final 24 hours. Whereas the meme token’s worth has considerably struggled since hitting the three-year excessive, it has managed to retain most of its revenue from the previous week.
In line with CoinGecko information, the Dogecoin worth is up by a whopping 18% previously seven days. This constructive efficiency has strengthened DOGE’s place as the biggest meme coin out there, with a market capitalization of $29 billion.
Dogecoin worth sees slight correction on the each day timeframe | Supply: DOGEUSDT chart on TradingView
Featured picture from Pexels, chart from TradingView
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