BlockBeats news, on October 29, according to CoinDesk reports, the open interest of DOGE's U-based contracts has surged significantly, rising from $850 million to $1.3 billion. As of this Tuesday, the coin-based contract open interest has increased by 33% since Sunday, reaching 8 billion DOGE, just 12% short of the record high of 9 billion DOGE in open contracts.
Traders attribute this trend to the rising approval ratings of Trump and the potential establishment of the 'Department of Government Efficiency' (abbreviated as 'D.O.G.E.'). Former U.S. President and Republican presidential candidate Trump stated that he would establish the Department of Government Efficiency, and Elon Musk has agreed to lead the committee, all of which have intensified traders' bullish sentiment.
Since April, traders' interest in Dogecoin (DOGE) futures has rapidly risen and is approaching historical highs. CoinGecko noted that after Elon Musk appeared at a Trump rally and later posted a X post with a DOGE avatar, the price of DOGE rose by 15% in the past 24 hours.
