Dogecoin and Floki Inu Shine as Top Meme Coin Gainers Today
Dogecoin and Floki Inu have emerged as two of the top five daily gainers in the major crypto market.
Increased open interest signals growing optimism among traders for Dogecoin and Floki Inu’s upcoming rally.
As the third week of October draws to an end, the altcoin market seems to be showing indications of recovery in several sectors, especially in the meme coin sector.
Investors are becoming interested in this comeback, with two significant gainers in the daily top five list: (DOGE) (FLOKI). Reflecting their major presence in the crypto market, both dog-themed tokens have drawn the interest of investors.$ ,
Dogecoin and Floki Inu have seen notable increases as of writing; they rank among the top performers in the daily gainer list. This growth follows a more general positive sentiment about DOGE, which recent on-chain data have helped to justify.
As we previously reported on CNF, with the open interest (OI) for DOGE futures contracts over $800 million, these measures exposed a clear inclination toward Doge..
DOGE: Open Interest Surges as Traders Show Bullish Sentiment
New data from CoinGlass today shows yet another increase in DOGE’s OI, which has lately skyrocketed to $1.07 billion. This substantial rise in open interest reflects traders’ hope and indicates more activity around the token.
Floki Inu Shows Bullish Momentum with Interesting On-chain Data
Another meme coin under focus, Floki Inu (FLOKI), also exhibits strength. CoinGlass data shows a 17.15% rise in FLOKI’s open interest, therefore bringing the overall figure to $24.62 million. Rising OI among traders indicates that FLOKI might be preparing for a big change.
With more traders placing long positions in expectation of a price rise, the Long/Short ratio for FLOKI for the previous 24 hours sits at 1.0227, which, comparable to DOGE, shows a modest bullish bias.
Meanwhile, the FLOKI price increased by 8.13% over the last 24 hours at the time of writing, swapping hands about $0.0001617.
