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 <p class="paragraph">Dogecoin (DOGE) registered a massive spike in its derivatives volume in a 24-hour time frame, with a relevant weight compared to its market capitalization. This surge means an increased interest by the cryptocurrency market in the leading memecoin.</p>
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 <p class="paragraph">Notably, Dogecoin derivatives volume more than doubled in a day, according to data from <em>CoinGlass</em> retrieved by Finbold on November 17. As of writing, speculators were trading $5.04 billion worth of DOGE using derivatives.</p>
 <p class="paragraph">The spike followed a price increase for Dogecoin in the spot market, trading at $0.083 for approximately 4% daily gains. In the meantime, other cryptocurrencies were registering losses in price and <a rel="noopener noreferrer nofollow" title="derivatives" href="https://thebittimes.com/tag/derivatives.html">derivatives</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>.</p>
 <p class="paragraph">Interestingly, the volume surge happened while keeping the balance between long and short positions. Traders opened a total of $2.33 billion (49.48%) and $2.38 billion (50.52%) in each position, respectively.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="408" src="https://cdn.thebittimes.com/images/2023/11/18/9dbd3dace6b4449926f69720592496f5.webp" alt="Crypto derivatives trend. Dogecoin volume up by 110%" class="wp-image-138127" srcset="https://cdn.thebittimes.com/images/2023/11/18/9dbd3dace6b4449926f69720592496f5.webp 1024w, https://cdn.thebittimes.com/images/2023/11/18/9dbd3dace6b4449926f69720592496f5.webp 300w, https://cdn.thebittimes.com/images/2023/11/18/9dbd3dace6b4449926f69720592496f5.webp 768w, https://cdn.thebittimes.com/images/2023/11/18/9dbd3dace6b4449926f69720592496f5.webp 1536w, https://cdn.thebittimes.com/images/2023/11/18/9dbd3dace6b4449926f69720592496f5.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Crypto derivatives trend. Source: <em>CoinGlass</em>
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 <h2 class="wp-block-heading" id="h-derivatives-stats-for-the-top-5-cryptocurrencies">Derivatives stats for the top 5 cryptocurrencies</h2>
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 <p class="paragraph">It is also possible to see other cryptocurrencies’ performances in the same “Crypto Derivatives Trend” dashboard used to retrieve Dogecoin’s data.</p>
 <p class="paragraph">Bitcoin’s (BTC) <a rel="noopener noreferrer nofollow" title="derivatives" href="https://thebittimes.com/tag/derivatives.html">derivatives</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> was falling by 24.54% to $45.66 billion worth of contracts, for 6% of its $711 billion market capitalization. Meanwhile, Ethereum (ETH) lost 14.42% of daily <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> to $23.62 billion, accruing more than 10% of its $233 billion market cap.</p>
 <p class="paragraph">At the same time, Solana (SOL) lost 5.56% to $8.68 billion in <a rel="noopener noreferrer nofollow" title="derivatives" href="https://thebittimes.com/tag/derivatives.html">derivatives</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>. The XRP Ledger (XRP) had the smallest <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> among the top 5, with $1.75 billion and a daily loss of 3.67%.</p>
 <p class="paragraph">Essentially, XRP’s derivatives volume represents 5.3% of its $32.58 billion market capitalization, slightly weighting toward short positions with a 52.50% domination over longs. As for comparison, Dogecoin’s current volume represents 42% of its $11.83 billion market cap.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/dogecoin-derivatives-volume-surge-110-here-s-what-it-means-for-doge-tbt70780.html">https://thebittimes.com/dogecoin-derivatives-volume-surge-110-here-s-what-it-means-for-doge-tbt70780.html</a></p>

Dogecoin derivatives volume surge 110%; Here’s what it means for DOGE

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