The trading interest in Dogecoin has grown more than 40% in the past day, and this has been another milestone that has set a fresh high not seen since April this year. The current status of the crypto market is in the green as major currencies and altcoins show a bull rally to new heights. Taking the lead are major cryptocurrencies, including Ethereum and Bitcoin.
Altcoins, including Dogecoin (DOGE), have been experiencing a spillover from the performance of major currencies that was initially caused by the rising interest in spot exchange-traded funds approval by the US Securities and Exchange Commission (SEC). Increased trading volume was also witnessed in the memecoin’s market value, and here is a breakdown of why.
Dogecoin’s market performance
An increase in leveraged bets in Dogecoin increased by 12% in a report on Thursday, and the company exclaimed its intentions of sending a physical DOGE to the moon. Still, market experts see a spike in its market price as a general bearish signal.
Following the key metric used in Dogecoin (DOGE) futures, it jumped by 40% in the past 24 hours. This was a high-risk market behavior that was witnessed among traders, and this has also recorded a historically marked local price topping the digital currency market.
The number of unsettled futures bets has spiked by over 7 billion DOGE tokens as of November 17. These levels haven’t been seen in the past 7 months. However, the positions are currently worth $600 million at the time of writing.
Half of these bets, approximately $275 million worth of digital asset futures, are initially placed in the Binance crypto exchange. Bybit holds $134 million, and the OKX exchange is at $85 million. Moreover, the long-to-short ratio is tagged at 50% on either side, and this implies that traders may be hedging all their positions.
Market data analysis on Dogecoin
According to historical market data, the rise in open interest signals a bullish bias for the cryptocurrency’s underlying futures. Moreover, if the value reaches further heights or suddenly spikes, a bearish signal is considered, indicating a potential structure change or market trend. Traders might be noted to build short positions in light of taking advantage of the market movements.
The increase in Dogecoin’s open interest outlines the framework for the general market. Other futures that tracked major currencies like Ethereum (ETH) and Bitcoin (BTC) both plummeted by 5%. On Thursday, Dogecoin jumped by over 12% amid reports of a space payload mission.
The idea was to send a physical replica of the digital currency straight to the moon. The mission was planned by a Pittsburgh-based firm called Astrobotic, and the agenda was reaching the Earth’s moon and deploying a DOGE token in December 2023.
Currently, based on the crypto market sentiments, it’s possible that the DOGE price will retrace to its levels to the downside. This could be an issue that is also already anticipated by experts, showing a sight of a bearish market rally in the future.
Additionally, the market data analysis shows that DOGE is currently up by 6.26% in the past 24 hours at the time of writing. During this time, its price was tagged at $0.08426, and its daily trading volume stood at a staggering 83.56%. Its market cap also increased by 6.27%.
Analyzing the past month, its price has soared by 43.34%, and these gains also confirm a declining signal for the memecoin. It’s possible that these sentiments might be true, but it’s yet to be discovered.
