Traders Eye Dogecoin Amid Surge in Futures Open Interest, Trading Volume
Traders are increasingly optimistic on Dogecoin (DOGE) as its price reached a monthly high on July 20. Despite the enthusiasm, some remain cautious about declaring a confirmed bullish trend. According to CoinMarketCap data, DOGE gained 6% in the past 24 hours, and over the past 30 days, Dogecoin has climbed 6.64% amidst the market rebound.
In addition to price movements, Dogecoin has seen a notable increase in Open Interest (OI), the total value of all outstanding futures contracts. According to CoinGlass data, Dogecoin's open interest surged by 15% to $771 million over the past 24 hours, the highest level for July. DOGE’s derivatives trading volume also surged by 34% to reach $2.6 billion.
Pseudonymous trader EricCryptoman told followers that Dogecoin is undergoing a “Text book breakout & retest in play” which could see it outperform Ethereum and Solana. Meanwhile pseudonymous crypto trader ‘theunipcs’ highlighted DOGE’s “incredible strength,” suggesting its leading the memecoin rally and will “pull other established memes with it.” He also pointed out the strong correlation of Floki (FLOKI), which have recently seen gains when DOGE rallies.
Speculation is also brewing about whether Dogecoin could replicate its previous dramatic rise following a Bitcoin halving. Dogecoin reached its all-time high of $0.73 on May 8, 2021, roughly a year after the 2020 Bitcoin halving. If history were to repeat itself, Dogecoin could potentially hit a new all-time high in April 2025, a year after the upcoming Bitcoin halving.
