BlockBeats news, on October 29, according to CoinDesk, the open interest for DOGE's US dollar-denominated contracts surged significantly, rising from $850 million to $1.3 billion. As of this Tuesday, the open interest for coin-denominated contracts has increased by 33% since Sunday, reaching 8 billion DOGE, just 12% away from the record of 9 billion DOGE in open contracts.
Traders attribute this trend to the rising approval ratings for Trump and the potential establishment of the 'Department of Government Efficiency' (abbreviated as 'D.O.G.E.'). Previously, former US President and Republican presidential candidate Trump stated that he would establish this department, with Elon Musk agreeing to lead the committee, which has intensified traders' bullish sentiment.
Since April, traders' interest in Dogecoin (DOGE) futures has rapidly increased, nearing historical highs. CoinGecko noted that after Elon Musk appeared at a Trump rally and later posted on X with a DOGE avatar, the price of DOGE rose by 15% in the past 24 hours.
