Over the last 24 hours, Dogecoin ($DOGE), the prominent meme-inspired cryptocurrency, has experienced a surge of over 10%, crossing the $0.10 mark for the first time since April.
TradingView data reflects a 27% increase in its value over the past seven days, following a trajectory similar to Bitcoin's climb from $38,000 to $44,000.
The notional open interest, signifying the total dollar value locked in active futures and perpetual futures contracts related to DOGE, has seen a significant spike.
According to CoinGlass data, there's been a remarkable 58% increase over one week, now totaling $625 million.
This surge in open interest, coupled with the rising price, serves as a validation of the upward market trend observed in Dogecoin, reaching its highest value since November 2, 2022.
Analyses from Velo Data depict a substantial rise in funding rates across various exchanges, reaching annualized rates of 50% or more.
These rates indicate a significant premium in perpetual futures in comparison to spot prices. High positive rates suggest an inclination among investors towards long or bullish positions, reflecting an overall optimism that the prices are likely to continue rising.
