Dogecoin (DOGE), despite experiencing a price decline, has seen investors commit 12.3 billion DOGE in open interest over the last 24 hours. According to CoinGlass data, the value of Dogecoin committed to the futures market stands at $1.98 billion.
DOGE market dips but futures say otherwise
This suggests continued investor confidence in the king of meme coins, despite the prevailing downward trend in the market. Traders remain optimistic about a significant breakout for DOGE amid market volatility and Bitcoin’s prevailing dominance over altcoins.
Open interest, which represents the total number of unsettled active futures contracts, provides insight into investor sentiment. The current volume of over 12 billion DOGE suggests that many holders are looking forward to a bullish turn anytime soon.
As of press time, Dogecoin was changing hands at $0.1645, representing a 1.37% decline in price. Previously, Dogecoin had peaked at $0.1673, indicating the potential for the meme coin to retest higher levels.
Meanwhile, market dynamics reveal that Bitcoin’s dominance has had a significant impact on the meme coin, despite their correlation in price movements. With investors shifting to safer assets, Dogecoin has not seen much investment flowing its way.
Additionally, there has been a decline in network activity over the past couple of days despite an increase in holders. The daily transactions fell by over 65% from their June peaks to approximately 15,000.
Dogecoin investors remain optimistic
CoinGlass data reveals that most investors whose confidence in the future outlook of Dogecoin remains firm are highest on Gate.io, with 29.77% of the open interest. This accounts for 3.58 billion DOGE worth $588.36 million.
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Other exchanges include Binance, Bybit and Bitget with commitments of $400.69 million, $279.59 million and $204.02 million, respectively.
These investors may have confidence in Ali Martinez’s prediction that Dogecoin could see a 50% jump in value if the price stabilizes above $0.16.
