Dogecoin

April

Dogecoin, the cryptocurrency birthed as an internet meme, recorded a 10% increase on Tuesday, marking the largest single-day surge since April. 
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 <img decoding="async" class="wp-image-22645 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart.webp" alt="DOGEs daily chart" width="2112" height="904" srcset="https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart.webp 2112w, https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart-300x128.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart-1024x438.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart-768x329.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart-1536x657.webp 1536w, https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart-2048x877.webp 2048w, https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart-750x321.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/07/DOGEs-daily-chart-1140x488.webp 1140w" sizes="(max-width: 2112px) 100vw, 2112px" title="Dogecoin skyrockets, logs 10% single-day surge for first time in four months 1"> 
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 DOGE’s daily chart | TradingView 
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This development, according to data from <a href="https://crypto.ro/en/education/best-crypto-app/#1-binance-best-crypto-alert-app-for-real-time-trading" rel="noopener noreferrer nofollow">Binance</a> and TradingView, represents a 25% growth within a fortnight, setting the stage for a bustling discussion within the crypto space. 
This sudden surge is fueled by speculation that <a href="https://crypto.ro/en/cryptocurrencies/dogecoin" rel="noopener noreferrer nofollow">Dogecoin</a> may be integrated as a payment mechanism on <a href="https://crypto.ro/en/tag/twitter/" rel="noopener noreferrer nofollow">Twitter’s recently rebranded “X” platform</a>. 
<blockquote> 
 “While the crypto market navigates a quiet summer, DOGE may be emerging as a standout performer as other cryptocurrencies recede into the background. Elon Musk’s marketing influence could be a crucial factor,” said Markus Thielen, Matrixport’s Head of Research and Strategy. 
</blockquote> 
With Dogecoin’s value in focus, the notional open interest, illustrating the total value locked in active perpetual futures contracts, has hit a significant $500 million. This level has not been seen since April 19, indicating a flood of new capital entering the market. 
The amount of Dogecoin in open interest terms has soared to 6.2B, nearing the peak of 6.43B reached on April 8, according to Coinglass data. Concurrently, trading volumes soared to $2.3 billion, with the majority of this activity happening on the South Korean <a href="https://crypto.ro/en/exchange/upbit" rel="noopener noreferrer nofollow">exchange, UpBit</a>. 
However, it’s not been all smooth sailing for traders. Some futures traders, according to Coinglass data, faced nearly $10 million in losses, caught off guard by Dogecoin’s volatile price movements. 
Kryptomon’s Chief Marketing Officer, Tomer Nuni, noted, “There’s speculation that advertisers could pay with DOGE for ads and other uses on Twitter,” echoing Tesla’s earlier integration of DOGE payments for purchases. 
Despite this exciting rise, caution is advised. The open interest weighted-funding rates have dipped to zero, indicating a balance between bullish and bearish positions. This could hint at a cooling period following Dogecoin’s extraordinary market performance.

Dogecoin skyrockets, logs 10% single-day surge for first time in four months

crypto.ro global

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