- Dogecoin’s open interest rose to $1.3B, driven by short-term speculators in perpetual contracts.
- Binance and Bybit lead DOGE trading, with strong inflows at OKX and Coinbase despite the recent price dip.
Dogecoin (DOGE) has seen a notable increase in market activity, with its open interest (OI) reaching $1.3 billion in the last 24 hours. Coinalyze data points out that Dogecoin’s open interest rose 5.24% during this period, indicating greater excitement among traders. It is clear from the numbers that most of the open interest is in perpetual contracts, which means brief-term speculators have a strong impact on Dogecoin markets.
It measures the number of contracts still existing in a market, showing how much capital is being invested in assets. As open interest in DOGE is going up, it seems that more traders are betting on Dogecoin, boosting its market interest.
Perpetual contracts, which have no expiry date, allow traders to maintain continuous exposure to price movements without the need to roll over contracts. This flexibility makes them popular among speculative traders.
Binance and Bybit Lead Dogecoin Open Interest and Trading Activity
The Dogecoin open interest is primarily concentrated on a few major exchanges, with Binance and Bybit leading the market. Binance holds $581 million in open interest, while Bybit accounts for $410 million. OKX follows in third place with $244 million. Other exchanges, such as Huobi, BitMEX, and Kraken, have smaller shares of the Dogecoin open interest, indicating that most trading volume is centralized among the top platforms.
This concentration reflects where most Dogecoin trading activity occurs. The 5% growth in open interest shows that an increasing number of traders are actively placing bets on DOGE’s next price moves, whether bullish or bearish. Although open interest data doesn’t reveal whether traders are taking long or short positions, the rising number of contracts suggests a forthcoming price change.
Dogecoin Trading Volume Rises Despite Price Dip
In recent hours, Binance recorded the highest Dogecoin trading volume at $18.57 million, followed by OKX with $10.97 million. Exchanges like Kraken, Coinbase, and Bybit also saw notable activity, with volumes ranging from $4.34 million to $5.15 million. According to a net inflows heatmap, most of the new money entering Dogecoin trading flows into OKX ($1.33 million) and Coinbase ($1.25 million). In contrast, Binance, Kraken, and Bybit showed limited net inflows despite their high trading volumes.
At press time, Dogecoin was priced at $0.2221, marking a 2.39% decline over the last 24 hours. Its market capitalization stood at approximately $33.2 billion, with trading volume around $1.29 billion. Trading activity and rising open interest prove that Dogecoin is important in the crypto world regardless of its recent falling price.
Dogecoin’s increase in open interest and high volume on big trading platforms indicate a lot of investors are taking part in the market. The dominance of perpetual contracts highlights an atmosphere where people mainly predict little-term changes in price
With substantial new inflows at key exchanges like OKX and Coinbase, Dogecoin remains a popular choice among traders.
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