🔥💥Dogecoin Open Positions Reached a Record at $2.2 Billion – What's Next for the DOGE Price?.
The #Dogecoin open rate has been on the rise for the last few weeks and has broken and set all-time highs twice this March. Not surprisingly, the price of the meme coin reflects the growth that its obvious interest has seen.
This recent bullish momentum has pushed the #DOGE price to break the $0.22 mark, the highest point in the last three years. However, the question remains - how far can this rally go for the most prominent meme marker?
Dogecoin Open Interest Has Risen Above $2 Billion
Marching Friday, March 29, the open interest of Dogecoin exceeded $2 billion, according to data from Coin Glass. Although the Doge's open interest was around 1.96 billion at press time, it rose to $ 2.21 billion on Friday, a new record for a meme coin.
Open interest is a metric that measures the total number of futures or options contracts of a particular cryptocurrency (in this case Dogecoin) on the market at a given time. It gives an idea of the amount of money investors are pouring into DOGE derivatives right now.
The clear interest of the meme token has performed quite well since the beginning of March. Doge's open interest rose to $1.6 billion (an all-time high at the time) earlier in the month, before falling below $1 billion by March 20.
It is worth noting that there is a high correlation between open interest and the price of Dogecoin, which is climbing both at the same time and almost at the same Deceleration rate. Typically, a rising open interest may indicate that the trend around the price of the asset is currently continuing.
Ultimately, the current high open interest for the DOGE could mean a rapid price movement for the meme coin in the near future. However, it will be difficult to say which way this volatility jump will pull the Dogecoin price, especially since open interest is not the most appropriate indicator of trends or price movement.
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