Dogecoin Open Interest Surges to New All-Time High
The Dogecoin open interest (OI) has reached a record-breaking $1.49 billion after experiencing significant price action in the past week. This meme coin, which saw a 100% rise in its value, continues to attract the attention of both investors and traders.
Exponential Growth in Dogecoin Open Interest
According to data from Coinglass, the Dogecoin open interest has witnessed exponential growth in the first five days of March. The open interest closed out February at $870.22 million, but within just five days, it surged to $1.49 billion, marking a remarkable increase of over 70% and setting a new all-time high.
Price Recovery and Increased Betting on Dogecoin
The surge in open interest can be attributed to the recovery of DOGEโs price during this period. Starting February at $0.09, the price has already increased by 100%, briefly reaching $0.20 before correcting to its current price of $0.18.
Open interest represents the total number of open derivatives positions in DOGE at any given time, indicating the level of interest and bets placed on the meme coin by crypto traders.
Leading Exchanges Controlling Dogecoin Open Interest
- ByBit: Commands $584.13 million or 3.25 billion DOGE OI.
- Binance: Holds $511.22 million or 2.85 billion DOGE OI.
- OKX: Controls $194.17 million or 1.08 billion DOGE OI.
DOGE Traders Caught in a Tug-of-War
Currently, the direction of Dogecoinโs price remains uncertain, leading to almost equal liquidations among bullish and bearish traders. While the price briefly reached $0.20, resulting in liquidations for short traders, its subsequent correction negatively affected long traders as well.
In the last 24 hours, DOGE traders have lost $33.92 million according to Coinglass data. Interestingly, long traders experienced greater losses during this period with $17.44 million in liquidations compared to short tradersโ loss of $16.32 million.
On a shorter time frame, long traders continue to face more losses, losing $2.26 million in the past four hours compared to short positionsโ loss of $453,280. This indicates that despite the losses, there is still strong bullish sentiment among DOGE traders.
Current DOGE Price and Performance
At the time of writing, DOGE is priced at $0.18 with a 7.49% increase in the last 24 hours and an impressive 85.98% increase in the past week.
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