11,900,000,000 Dogecoin in 24 Hours, DOGE Price Breakout Incoming?
Dogecoin , the biggest meme coin by market capitalization, shows a notable resurgence in its futures activity, hinting at an incoming price rally. Over the past 24 hours, the Dogecoin open interest jumped to $1.44 billionSpike in Dogecoin open interest According to CoinGlass data,11,900,000,000 DOGE were committed in open interest over the past day. In fiat terms, this translates to $1.44 billion, signaling renewed interest across the Dogecoin network. This surge in Dogecoin futures activity marks one of the highest open interests seen over the past few months. It signals a resurgence in speculative appetite for Dogecoin.Investors on Binance committed the highest open interest to the total over the past day. These investors committed a total of 2.08 billion DOGE valued at $254.5 billion to the asset. This figure represents 17.75% of the total open interest. OKX investors came second as they pledged 996.8 million DOGE in open interest, representing 8.57% of the total. Other exchanges on the top five list include Bybit, KuCoin and Gate. Dogecoin open interest from these exchanges amounted to $109.8 million, $24.14 million and $452.8 million, respectively.DOGE price stalls, but hope remainsNote that open interest refers to the total value of unsettled active futures contracts that investors have committed to Dogecoin. Higher open interest usually indicates positive momentum in the Dogecoin ecosystem, which eventually reflects in the price.As of press time, Dogecoin is trading at $0.1228, showing a price decline of 2.73% over the last day, according to CoinMarketCap data.While Dogecoin has only seen its price show weakness, it appears that traders have increasingly committed more tokens to the derivatives market. Their actions are likely in preparation for a potential breakout. Moreover, the Dogecoin price traded positively during the early hours of the day, before flipping to the downside. Additionally, the Dogecoin volume offers a good spotlight for engagement in the meme coin ecosystem.Furthermore, the launch of a DOGE exchange-traded fund (ETF) in the U.S also opens the meme coin up for future price breakouts.