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Dogecoin

3 months ago

Dogecoin Futures Lock in Over $600 Million: Bullish Signal for Rising DOGE Price

Benzinga
Benzinga
Over $600 million worth of Dogecoin is currently locked in open futures contracts, the highest amount since early November 2022. The price of DOGE gained over 10% in 24 hours and over 27% in the past week, hitting its highest price point since April 2022 of over $0.10. This price rise and increase in open interest in DOGE futures indicates an uptrend for Dogecoin, as rising prices combined with growing open interest is a bullish signal. Speculators seem to be taking on more risk by investing in meme and joke cryptocurrencies like DOGE as bitcoin's price rallies, using them as leveraged bets on bitcoin's price movements. DOGE and other meme coins tend to experience more extreme price swings than bitcoin, so their prices rising sharply could be an early warning sign of speculative excess if their gains outpace bitcoin.
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1 year ago