Dogecoin, The Favorite Dog or the Most Doubtful! 🐶✨

Open interest in Dogecoin options surpassed $4 billion over the weekend, marking the highest figure ever recorded for the leading meme cryptocurrency. According to data from CoinGlass, cryptocurrency futures traders had bets worth $4.06 billion on the meme cryptocurrency on Saturday, setting a new record for the asset.

Most traders are betting that the asset's price will fall in the future, with $1.9 billion in "short" contracts set to expire. The increase in bets on Saturday came a day after speculators quickly acquired the asset, causing a spike in price on Friday, following the news that Elon Musk planned to introduce payments on his social media platform, X.¹

Interest in the asset has risen this year since Musk began talking about the meme coin again. The coin was originally created as a joke, but now has significant trading activity in cryptocurrency markets and is the seventh-largest digital asset by market capitalization.

It is important to note that Elon Musk's influence on the price of Dogecoin has been significant in the past. A simple tweet or meme from Musk can trigger the price of the cryptocurrency.² ³ Additionally, the relationship between Musk and Dogecoin has been a subject of debate, with some accusing the entrepreneur of manipulating the price of the cryptocurrency.

In summary, open interest in Dogecoin options has reached a new record, and Elon Musk's influence on the price of the cryptocurrency remains significant. However, it is important to consider the risks and volatility associated with cryptocurrencies.

Source: Decrypt