Dogecoin Bullish Bets Reach Record $1B
The tokens were up over 40% in the past 24 hours, continuing a rally as a beta bet on the blockchains they are based upon.
Traders are using prominent meme tokens, such as Dogecoin (DOGE) and bonk (BONK), as ecosystem bets for their respective blockchains, Ethereum and Solana.
DOGE futures set a record open interest at $1 billion - indicative of the strong interest in the tokens. Nearly 70% of these bets were on the long side.
Traders are continuing to use prominent meme tokens as ecosystem bets on their respective blockchains, boosting dogecoin (DOGE) futures to set a record level.
DOGE tokens were up as much as 40% before giving back some gains in the past 24 hours as bitcoin (BTC) rallied to over $63,000 from $59,000. DOGE led gains among major tokens and significantly beat the broader CoinDesk 20 (CD20) index, which is up nearly 7.8% in the same period.
