meme cryptocurrency #DogeCoin ( #DOGE ) rose 10 percent on Tuesday, marking its highest single-day gain since April 3.
The cryptocurrency has gained 25 percent in the past two weeks amid speculation it could be used as a means of payment with the rebranding of the Twitter platform.
Matrixport's Head of Research and Strategy, Markus Thielen, said, "While cryptocurrencies stagnate and retreat into the background, as every summer, DOGE may be the summer's favorite. Musk's Twitter rebranding process also has a large share in this situation." said.
Investors agree, as evidenced by the coin's sustained recovery in the futures market.
According to Coinglass data, notional open interest, which represents the dollar value locked in perpetual futures contracts, exceeded $500 million for the first time since April 19.
Open positions in DOGE reached $6.2 billion, very close to the peak of $6.43 billion on April 8.
In addition to the rise in price, the increase in open positions indicates that new money is entering the market and confirms the upward trend.
However, at the time of writing this article, open interest weighted fund rates have fallen to zero. This indicates that there is a balance between "bullish long" and "bearish short" positions.
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