The Dogecoin open interest (OI) is surging after every week of remarkable price motion. The meme coin which rose over 100% has continued to learn from the eye of investors and traders alike, leading its open interest to achieve a recent all-time high.
Dogecoin Open Interest Taps Record $1.49 Billion
Data from Coinglass shows that there was an exponential growth inside the Dogecoin open interest in the first five days of March. The open interest had closed out the month of February $870.22 million. Nevertheless, only five days later, Dogecoin’s OI has risen to $1.49 billion. This rapid increase in lower than one week translates to an over 70% increase inside the open interest, reaching a brand recent all-time high.
The rise didn’t come out of nowhere, since the DOGE price had begun to recuperate during this time. It closed out February at a price of $0.09, but by March 5, the price has already seen an 100% increase, briefly hitting $0.2 before correcting back downward to its current price of $0.18.
The open interest represents the interest inside the meme coin since it is a whole of all of the open derivatives positions in DOGE at any given time. Which suggests that crypto traders are betting more on the price of Dogecoin and taking short and long positions in DOGE at an unprecedented rate.
Three exchanges currently control the overwhelming majority of the DOGE OI, namely ByBit, Binance, and OKX. ByBit takes the lead, commanding $584.13 million of three.25 billion DOGE OI. Binance takes the second position with $511.22 million or 2.85 billion DOGE, and OKX is accessible in third with $194.17 million or 1.08 billion DOGE.
DOGE Traders Caught In Tug-Of-War
Presently, the Dogecoin price seems undecided on where it’s headed next, which has led to almost equal liquidations across the camps of bulls and bears. As mentioned above, the DOGE price had briefly touched $0.2, leading to liquidations across shorter. Nevertheless, its downward correction has been just as detrimental to long traders.
Coinglass data shows that inside the last 24 hours, DOGE traders have lost $33.92 million. Interestingly, long traders have actually lost more during this time as they account for $17.44 million in liquidations. While short traders have lost $16.32 million through the identical time period.
On the shorter time-frame, long traders are still suffering more losses with $2.26 million lost inside the last 4 hours as compared with $453,280 briefly positions. Nevertheless, while this shows bulls are taking a beating, it’s also proof that bullish sentiment amongst traders when it comes to the DOGE price stays strong.
On the time of writing, DOGE’s price is siting $0.18 with a 7.49% increase inside the last 24 hours, and an 85.98% increase inside the last week.
DOGE price at $0.18 | Source: DOGEUSD on Tradingview.com
Featured image from Markets Insider, chart from Tradingview.com
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