Dogecoin (DOGE) has displayed a sharp rise in market activity after its open interest climbed to $1.3 billion in the last 24 hours. According to the latest Coinalyze data, the Dogecoin open interest rose by 5.24% during this period. Rise in DOGE Perpetual Contracts Suggests Short-Term Speculative Frenzy Open interest (OI) helps show how much money is flowing into a specific market. A rise in OI indicates that more traders are taking positions. Also, it suggests growing interest in the digital asset, which could influence the next price direction for DOGE. What’s notable in this DOGE OI is that all the $1.3 billion was in perpetual contracts. This shows that short-term speculators are dominating the perpetual market for Dogecoin. As futures contracts with no expiry date, many traders choose them because they can get exposure to price changes continuously without any need to roll over contracts. Binance and Bybit Dominate… Read More at Coingape.com

The post Dogecoin Open Interest Surges 5.24% to $1.3 Billion in 24 Hours appeared first on CoinGape.

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