According to BlockBeats, on October 29, CoinDesk reported that the U-based contract holdings for DOGE surged significantly from $850 million to $1.3 billion. As of this Tuesday, the coin-based contract holdings have increased by 33% since Sunday, reaching 8 billion DOGE, just 12% short of the record of 9 billion DOGE in open contracts.
Traders attribute this trend to the rising approval ratings of Trump and the potential establishment of the 'Department of Government Efficiency' (abbreviated as 'D.O.G.E.'). Former US President and Republican presidential candidate Trump has stated he will set up the Department of Government Efficiency, and Elon Musk has agreed to lead the committee, all of which has intensified traders' bullish sentiment.
Since April, traders' interest in the futures of Dogecoin (DOGE) has rapidly increased and is nearing historical highs. CoinGecko indicates that following Elon Musk's appearance at a Trump rally and his subsequent posts on X featuring the DOGE logo, the price of DOGE has risen by 15% in the past 24 hours.
