Dogecoin Open Interest Rises Before Trump Inauguration, Traders Bet On $1

Dogecoin interest has skyrocketed in recent days as anticipation builds for the January 20 Donald Trump Inauguration. As the first pro-crypto president takes office, this event has become the most awaited in crypto. Thus, traders anticipate the inauguration to boost the market and are betting on it.

Dogecoin Open Interest Hits $4.27 Billion

Dogecoin open interest began rising around the end of 2024 and reached above $2.7 billion in the closing days. The Dogecoin open interest has virtually doubled since then, with daily increases as crypto traders take positions. This has raised open interest to a one-month high, indicating global crypto investor engagement.

Dogecoin open interest rose 3.68% in 24 hours to 12.01 billion DOGE. The last time open interest was this high was December 2024, before the market meltdown. Dogecoin open interest rose $400 million on January 14 and 15.

Gate now dominates Dogecoin open interest, replacing Binance. Gate has 4.89 billion DOGE of the 12.01 billion, followed by Binance with 2.15 billion. Next comes Bybit with 1.96 billion DOGE, followed by Bitget with 1.01 billion. Since the remainder are below one billion, the top 4 exchanges own 80% of Dogecoin open interest.

Due to the enthusiasm around the inauguration and Elon Musk's Department of Government Efficiency (D.O.G.E), DOGE price expectations are high. However, selling pressure keeps the meme currency down, signaling that a rally is still unlikely. CoinMarketCap reports a 21% drop in Dogecoin trading volume.


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