Dogecoin options have hit an all-time high with open interest exceeding $4 billion over the weekend. Data from CoinGlass revealed that on Saturday, crypto futures traders had $4.06 billion worth of bets on the meme coin. Although the figure has dropped to $3.6 billion as of Monday, the majority of traders still bet on the price to fall, with $1.9 billion in short contracts. Open interest represents the number of contracts that have yet to be settled by traders.
The spike in bets occurred on Saturday, following news that Tesla CEO Elon Musk plans to introduce payments on his social media platform, X (previously Twitter). Musk has often highlighted Dogecoin’s potential for payments on the website, and has previously caused significant price surges by discussing the meme coin.
Interest in Dogecoin has boomed this year with Musk’s continued support, including naming a government agency “D.O.G.E.” (Department of Governmental Efficiency). As the seventh-largest digital asset by market cap, Dogecoin has also inspired thousands of copycat coins and a thriving meme coin market. Currently, the coin is priced at just over $0.39, according to CoinGecko, a nearly 9% dip from the previous day but still up over 185% in the past month.
<p>The post Dogecoin Options Surge to Record High, but Some Bet on Price Drop first appeared on CoinBuzzFeed.</p>
