Traders are using well-known meme tokens such as Dogecoin (DOGE) and bonk (BONK) as ecosystem bets on their respective blockchains, Ethereum and Solana.
Open interest in #DOGE futures reached a record $1 billion, indicating a high level of interest in the tokens. Almost 70% of bets were placed on the long side.
Traders continued to use the famous token #meme as a bet on their respective #blockchain ecosystems, driving #dogecoin (DOGE) futures to record levels.
While #bitcoin (BTC) rose from $59,000 to over $63,000, DOGE tokens have given back some of their gains over the past 24 hours after jumping 40% DOGE led the rise among major tokens, rising about 7.8% over the same period, significantly outperforming the broader CoinDesk 20 Index (CD20), which significantly outperformed the
Open interest (the number of open bets on DOGE futures) has risen more than 54% since Wednesday, with token bets totaling a record $1 billion, Coinglass data shows.
The rise in open interest means new or additional money is coming into the market. The data shows that 70% of traders hold long positions on DOGE and expect it to rise.
Data from CryptoQuant, which tracks DOGE price performance, shows that the token's Relative Strength Index (RSI), an indicator of the speed of price fluctuations, has reached an "overbought" level, indicating a "possible trend reversal" in the coming days.
More generally speaking, Dogecoin developers released version 1.14. 7 of the network core on Tuesday. Other relatively recent technical improvements include the introduction of ordinaries into the Dogecoin blockchain, and some developers have released popular games that run exclusively on Dogecoin.
Some in the cryptocurrency industry say meme tokens may become more attractive to retail investors during the ongoing bull market due to their association with popular culture, low unit weight and habitualness.
On the other hand, according to Coinglass data, shorts and bets against DOGE have lost more than $40 million in the last 24 hours.
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