Increased Interest in Dogecoin (DOGE) Derivatives
Dogecoin (DOGE) has experienced a whole lot of surge in its derivatives volume within just 24 hours, indicating a growing interest in the leading memecoin within the digital currency market. The spike resulted in more than doubling of Dogecoin’s derivatives volume, reaching $5.04 Billion in speculative trading value.
This surge was driven by a price increase for Dogecoin (DOGE) in the spot market, with the digital currency currently worth $0.083 and experiencing approximately 4% daily gains. Notably, this rise took place while other digital currencies were facing losses both in price and derivatives volume.
It is interesting to note that the surge in volume was balanced between long and short positions, with traders opening a total of $2.33 Billion (49.48%) and $2.38 Billion (50.52%) worth of contracts, respectively.
Derivatives Statistics for Top Cryptocurrencies
The same ” Cryptocurrency Derivatives Trend” dashboard used to retrieve Dogecoin’s data likewise shows the performance of other top cryptocurrencies.
Bitcoin’s (BTC) derivatives volume fell by 24.54% to $45.66 billion, accounting for 6% of its $711 Billion market capitalization. Ethereum (ETH) lost 14.42% of its daily volume, amounting to $23.62 billion, which represents over 10% of its $233 Billion market cap.
Solana (SOL) experienced a 5.56% decrease to reach $8.68 Billion in derivatives volume, while the XRP Ledger (XRP) had the smallest volume between the top 5, with $1.75 Billion and a daily loss of 3.67%.
Comparatively, XRP’s derivatives volume represents 5.3% of its $32.58 Billion market capitalization, slightly weighted towards short positions at 52.50%. On the other side , Dogecoin’s current volume represents 42% of its $11.83 Billion market cap.
Hot Take: Implications of Increased Dogecoin (DOGE) Derivatives Volume
The surge in Dogecoin’s derivatives volume signifies a heightened interest and speculative activity around this memecoin within the digital currency market. This trend not only reflects a growing appetite for trading Dogecoin (DOGE) but likewise outlines the capacity impact on its price and broader market dynamics as it continues to capture attention from traders and investors alike.
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