Dogecoin’s Wild Ride: 9.38 Billion DOGE in 24 Hours! 🚀💰

by

In the grand theater of the financial world, where fortunes are made and lost faster than a tumbleweed in a dust storm, Dogecoin (DOGE) has taken center stage once again. Despite the wild price swings that would make even the most seasoned gambler clutch their pearls, this little meme coin has found a glimmer of hope at the $0.26 mark, like a weary traveler spotting an oasis in the desert.

Dogecoin’s Bullish Signal Despite Price Volatility

Ah, the fickle nature of the market! Just when you think you’ve seen it all, Dogecoin decides to throw a party, and everyone’s invited. The open interest (OI) has surged like a jackrabbit on a sugar high, reaching a staggering 9.38 billion DOGE in just 24 hours. That’s a whopping $2.47 billion, folks! Investors are piling in like it’s the last bus out of town.

According to the wise sages at CoinGlass, this bullish momentum is a sign that investors still have faith in DOGE, despite its current price gymnastics. Will this newfound enthusiasm, coupled with whispers of a DOGE ETF filing, send prices soaring? Only time will tell, but I wouldn’t hold my breath—unless you enjoy turning blue.

In a curious twist of fate, within the last four hours, DOGE’s open interest has climbed by 1.77%. It seems investors are as keen as a cat in a room full of rocking chairs when it comes to Dogecoin.

As I pen these words, the price of DOGE is down a smidgen, 2.34% to be exact, resting at $0.2647. But fear not! This little coin has bounced back from a low of $0.2592, preparing to make its ascent once more, like a phoenix rising from the ashes—or perhaps just a dog chasing its tail.

Exchanges with Heavy DOGE Trading Activity

Meanwhile, the bustling exchanges are alive with the sound of trading. Gate.io, Binance, and Bybit are the hot spots where traders are throwing their hats in the ring. Gate.io boasts nearly a third of the total DOGE open interest, with 3.10 billion DOGE, which translates to a cool $814.26 million. Binance isn’t far behind, with 2.17 billion DOGE, or 23.11%, equating to $570.13 million. And Bybit, bless its heart, has recorded 1.72 billion DOGE, making up 18.28% of the open interest, totaling $450.94 million.

Other exchanges like Bitget, OKX, BingX, and Hyperliquid are also in the mix, each contributing their share to the DOGE frenzy, with open interest in the hundreds of millions. It’s a veritable buffet of Dogecoin trading, and everyone seems to be feasting.

Read More

2025-02-17 18:39