The Dogecoin open curiosity has been on the rise over the previous few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the value of the meme coin has been reflecting the expansion seen by its open curiosity.
This current bullish momentum pushed the value of DOGE to interrupt 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 keeping with information 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 document for the meme coin.
Open curiosity is a metric that measures the overall variety of futures or choices contracts of a specific cryptocurrency (Dogecoin, on this case) out there at a given time. It offers perception into the amount of cash traders are pouring into DOGE derivatives right now.
The meme token’s open curiosity has had fairly a efficiency for the reason that begin 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 beneath $1 billion by March 20.
It’s price noting that there was a excessive correlation between open curiosity and Dogecoin’s value, with each climbing on the identical time and at virtually the identical tempo. Usually, a rising open curiosity can recommend a continuation of the development across the asset’s value in the mean time.
In the end, the present excessive open curiosity for DOGE might imply a speedy value motion for the meme coin within the close to future. Nonetheless, it might be troublesome to inform the route through which this spurt of volatility would take the value of Dogecoin, particularly as open curiosity isn’t probably the most optimum indicator of developments or value motion.
DOGE Worth Overview
As of this writing, the Dogecoin value stands at $0.204, reflecting a 4.6% decline within the final 24 hours. Whereas the meme token’s value has considerably struggled since hitting the three-year excessive, it has managed to retain most of its revenue from the previous week.
In keeping with CoinGecko information, the Dogecoin value is up by a whopping 18% up to now seven days. This optimistic efficiency has strengthened DOGE’s place as the most important meme coin out there, with a market capitalization of $29 billion.
Dogecoin value sees slight correction on the every day timeframe | Supply: DOGEUSDT chart on TradingView
Featured picture from Pexels, chart from TradingView
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