Dogecoin

when

Billion

The Dogecoin open interest (OI) is surging after<a href="https://www.newsbtc.com/analysis/doge/dogecoin-price-soars-25/"> a week of remarkable price action</a>. The meme coin which rose over 100% has continued to enjoy the attention of investors and traders alike, leading its open interest to reach a new all-time high. 
<h2 class="p2" id="dogecoin-open-interest-taps-record-1-49-billion">Dogecoin Open Interest Taps Record $1.49 Billion</h2> 
<a href="https://www.coinglass.com/BitcoinOpenInterest" rel="nofollow">Data</a> from Coinglass shows that there was an exponential growth in the <a href="https://bitcoinist.com/dogecoin-open-interest-6-month/" rel="nofollow">Dogecoin open interest</a> in the first five days of March. The open interest had closed out the month of February $870.22 million. However, only five days later, Dogecoin’s OI has risen to $1.49 billion. This rapid increase in less than one week translates to an over 70% increase in the open interest, reaching a brand new all-time high. 
The increase did not come out of nowhere, as the <a href="https://www.newsbtc.com/analysis/doge/dogecoin-price-pumps-to-0-20/">DOGE price</a> had begun to recover during this time. It closed out February at a price of $0.09, but by March 5, the price has already seen an 100% increase, briefly hitting $0.2 before correcting back downward to its current price of $0.18. 
The <a href="https://bitcoinist.com/dogecoin-open-interest-6-month/" rel="nofollow">open interest</a> represents the interest in the meme coin as it is a total of all of the open derivatives positions in DOGE at any given time. This means that crypto traders are betting more on the price of Dogecoin and taking short and long positions in DOGE at an unprecedented rate. 
Three exchanges currently control the vast majority of the <a href="https://www.newsbtc.com/news/why-shiba-inu-pepe-dogecoin-are-far-from-done/">DOGE</a> OI, namely ByBit, Binance, and OKX. ByBit takes the lead, commanding $584.13 million of 3.25 billion <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-avalanche-bonk-pepe/">DOGE</a> OI. Binance takes the second position with $511.22 million or 2.85 billion DOGE, and OKX comes in third with $194.17 million or 1.08 billion DOGE. 
<h2 class="p2" id="doge-traders-caught-in-tug-of-war">DOGE Traders Caught In Tug-Of-War</h2> 
Presently, the Dogecoin price seems undecided on where it is headed next, which has led to almost equal liquidations across the camps of bulls and bears. As mentioned above, the DOGE price had briefly touched $0.2, leading to liquidations across shorter. However, its downward correction has been just as detrimental to long traders. 
Coinglass <a href="https://www.coinglass.com/LiquidationData" rel="nofollow">data</a> shows that in the last 24 hours, <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-avalanche-bonk-pepe/">DOGE traders</a> have lost $33.92 million. Interestingly, long traders have actually lost more during this time as they account for $17.44 million in liquidations. While short traders have lost $16.32 million during the same time period. 
On the shorter time frame, long traders are still suffering more losses with $2.26 million lost in the last four hours compared to $453,280 in short positions. However, while this shows bulls are taking a beating, it is also proof that bullish sentiment among traders when it comes to the <a href="https://www.newsbtc.com/analysis/doge/dogecoin-price-pumps-to-0-20/">DOGE price</a> remains strong. 
At the time of writing, <a href="https://www.newsbtc.com/news/why-shiba-inu-pepe-dogecoin-are-far-from-done/">DOGE’s price</a> is siting $0.18 with a 7.49% increase in the last 24 hours, and an 85.98% increase in the last week. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/tlldzCeb/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530">

Dogecoin Open Interest Surges To Record $1.49 Billion

Table of Contents

NewsBTC

Other articles published on Mar 5, 2024

3 Coins About To Go On A Bullish Spree In March 2024

XRP Whales Shift 272 Mln Coins Amid Ongoing Rally, Will Price Hit $1?

Energy Web Token (EWT) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Worldcoin Faces Regulatory Scrutiny in South Korea Over Privacy Issues

PEPE Coin Soars in Crypto Market, Sparks Investor Curiosity

Kayak Innovates Travel with AI Features for Flyers

Join our free newsletter for daily crypto updates!