DOGE Jumps 10% on Tuesday, Biggest Gain Since April 3
Meme cryptocurrency dogecoin (DOGE) experienced a 10% jump on Tuesday, marking its largest single-day gain since April 3. This increase comes as speculation grows that DOGE could be used as a payment method on the rebranded Twitter platform. Traders are also showing confidence in DOGE, as evidenced by the rise in the perpetual futures market tied to the cryptocurrency. The notional open interest has surpassed $500 million, indicating an influx of new money into the market. Despite this, the open interest weighted-funding rates have dropped to zero, suggesting a balance between bullish long and bearish short positions. This may indicate that DOGE could experience a breather after its recent strong performance.
Main Breakdown:
– DOGE experienced a 10% jump on Tuesday, its biggest gain since April 3.
– Speculation is growing that DOGE could be used as a payment method on the rebranded Twitter platform.
– Traders have shown confidence in DOGE, as seen through the rise in the perpetual futures market tied to the cryptocurrency.
– The notional open interest in DOGE has surpassed $500 million, indicating an influx of new money into the market.
– Despite the increase in open interest, the open interest weighted-funding rates have dropped to zero, suggesting a balance between bullish long and bearish short positions.
Hot Take:
DOGE’s recent performance and increase in open interest indicate growing interest and confidence in the meme cryptocurrency. However, the drop in funding rates suggests a potential breather in its upward momentum. It will be interesting to see how DOGE continues to perform in the coming weeks and whether the speculation about its use on Twitter has any impact on its value.
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