Traders Bet On Dogecoin Price If Trump Wins The Elections
Traders are betting that the price of DOGE will surge higher if Donald Trump wins the U.S. presidential elections. In the past, DOGE has been mainly driven by meme hype, but this time, it is more likely to be influenced by real-world events such as the Elections.
The shift in sentiment marks a notable change in Dogecoinâs market dynamics, reflecting the cryptocurrency spaceâs maturing beyond speculation and fun. The recent spike in Dogecoin price was accompanied by a 30% surge in open interest (OI) over the last 24 hours.
The simultaneous increase in OI and price suggests traders are entering Long positions on Dogecoin. This is further confirmed by the Coinglass Liquidation Map, which shows over $64 million worth of Longs, compared to $13.61 million in Shorts over the past 24 hours.
This imbalance signals that bullish sentiment is dominating the Dogecoin market since traders anticipate the price will rise higher in the future.
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