BlockBeats news, on October 29, according to CoinDesk, the open interest in DOGE's USDT-denominated contracts has surged significantly, rising from $850 million to $1.3 billion. As of this Tuesday, the open interest in coin-denominated contracts has increased by 33% since Sunday, reaching 8 billion DOGE, just 12% shy 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 President Trump, a Republican presidential candidate, stated that he would establish the Department of Government Efficiency, and Elon Musk has agreed to lead the committee, which has heightened bullish sentiment among traders.
Since April, traders' interest in Dogecoin (DOGE) futures has rapidly increased and is approaching historical highs. CoinGecko reports that after Elon Musk appeared at a Trump rally and subsequently posted X messages with DOGE avatars, the price of DOGE surged by 15% in the past 24 hours.
