The Dogecoin open curiosity has been on the rise over the previous few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the worth of the meme coin has been reflecting the expansion seen by its open curiosity.
This current bullish momentum pushed the worth of DOGE to interrupt the $0.22 mark, its highest level in three years. Nonetheless, the query is – how far can this rally go for the foremost meme token?
Dogecoin Open Curiosity Breaks Above $2 Billion
In accordance with information from CoinGlass, the Dogecoin open curiosity broke via the $2 billion mark on Friday, March 29. Though DOGE’s open curiosity stands at round 1.96 billion at press time, it rose as excessive as $2.21 billion on Friday, a brand new document for the meme coin.
Open curiosity is a metric that measures the overall variety of futures or choices contracts of a selected cryptocurrency (Dogecoin, on this case) out there at a given time. It supplies perception into the amount of cash traders are pouring into DOGE derivatives presently.
The meme token’s open curiosity has had fairly a efficiency because the begin of March. DOGE’s open curiosity rose to $1.6 billion (an all-time excessive on the time) earlier within the month earlier than retracing to beneath $1 billion by March 20.
It’s price noting that there was a excessive correlation between open curiosity and Dogecoin’s worth, with each climbing on the identical time and at virtually the identical tempo. Sometimes, a rising open curiosity can recommend a continuation of the pattern across the asset’s worth for the time being.
In the end, the present excessive open curiosity for DOGE may imply a speedy worth motion for the meme coin within the close to future. Nonetheless, it could be tough to inform the route through which this spurt of volatility would take the worth of Dogecoin, particularly as open curiosity will not be essentially the most optimum indicator of tendencies or worth motion.
DOGE Value Overview
As of this writing, the Dogecoin worth stands at $0.204, reflecting a 4.6% decline within the final 24 hours. Whereas the meme token’s worth has considerably struggled since hitting the three-year excessive, it has managed to retain most of its revenue from the previous week.
In accordance with CoinGecko information, the Dogecoin worth is up by a whopping 18% up to now seven days. This constructive efficiency has strengthened DOGE’s place as the most important meme coin out there, with a market capitalization of $29 billion.
Dogecoin worth sees slight correction on the day by day timeframe | Supply: DOGEUSDT chart on TradingView
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