Rally

Solana

Dogecoin

Million

<p class="p2">The <a href="https://www.newsbtc.com/analysis/doge/dogecoin-price-prediction-doge-0-092-barrier/" rel="nofollow noopener" target="_blank">Dogecoin open interest</a> has seen a good amount of growth over the last few months, culminating in the total finally crossing the $500 million threshold. However, the price of the meme coin continues to trend low, which begs the question of whether the DOGE price is looking to put on a delayed rally.</p> 
<h2 class="p2" id="dogecoin-open-interest-climbs-above-500-million">Dogecoin Open Interest Climbs Above $500 Million</h2> 
<p class="p2">According to <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="nofollow noopener" target="_blank">data</a> from CoinGlass, the Dogecoin open interest has successfully crossed the $450 million level. This is not the first time that the open interest has been this high and the historical performance during times like these could suggest a rapid increase in the DOGE price is on the way.</p> 
<p class="p2">The open interest which refers to the total number of futures or options contracts in the <a href="https://www.newsbtc.com/news/dogecoin/big-money-dogecoin-0-2/" rel="nofollow noopener" target="_blank">Dogecoin market</a> tells us the amount of money that investors are throwing into <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-doge-set-for-major-price-upswing-analyst-says/" rel="nofollow noopener" target="_blank">DOGE</a> derivatives at this time. The bets on the cryptocurrency&nbsp;can either be long or short. But a recurring theme is that price usually rises when the open interest increases.</p> 
<p><img loading="lazy" decoding="async" class="alignnone size-medium wp-image-267344 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=640&amp;resize=640%2C229" alt="Dogecoin open interest" width="640" height="229" srcset="https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=2962 2962w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=640&amp;resize=640%2C229 640w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-01-at-11.50.38.png?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"></p> 
<p class="p2">The marked increase in the Dogecoin open interest first began in late October, going from its October lows of $226 million to as high as $375 million before the month was over. This trend continued into the month of November when the open interest ran above $500 million. However, the price has not followed in its usual manner.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/C8NPsMVV/" alt="Dogecoin price chart from Tradingview.com (DOGE open interest)" width="2650" height="1530"></p> 
<h2 class="p2" id="delayed-doge-rally-could-trigger-return-above-0-2">Delayed DOGE Rally Could Trigger Return Above $0.2</h2> 
<p class="p2">It is no secret that the price of Dogecoin has not performed as well as some other altcoins in the market over the past month. This comes even amid new milestones and network growth for the meme coin. For example, the total <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-holders-5-million/" rel="nofollow noopener" target="_blank">Dogecoin holder count finally crossed 5 million</a>, and there has been <a href="https://www.newsbtc.com/news/dogecoin/the-dogecoin-surge-unveiling-the-catalyst-behind-rising-transactions/" rel="nofollow noopener" target="_blank">a lot of growth in its network usage</a>. But none of these have been reflected in the price.</p> 
<p class="p2">This suggests that DOGE is currently holding out for a delayed rally and it is not out of the ordinary as DOGE has been known to rally outside of the general crypto market trend. So as the crypto market recovery nears what looks to be a wind-down, it could signal that it is time for Dogecoin to shine.</p> 
<p class="p2">Using the performances of the likes of Solana (SOL) over the last month, DOGE could be looking at the $0.2 target. As crypto analyst Ali Martinez points out, <a href="https://bitcoinist.com/dogecoin-price-up-cross-0-09/">the altcoin is facing significant resistance at $0.87</a>. But once DOGE clears this resistance, then <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-double-price-barrier-breaks-analyst/" rel="nofollow noopener" target="_blank">the price could easily double</a> from here.</p>

Dogecoin Open Interest Crosses $500 Million, Why A Rally To $0.2 Is Possible

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Bitcoinist

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