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DOGE open interest has soared to 6.2 billion contracts

DOGE open interest has soared to 6.2 billion contracts

Bitget2023/07/26 07:20

DOGE rose 10 percent on Tuesday, its biggest one-day gain since April 3, according to Trading View tracking data. Notional open interest, the dollar value locked up in the number of active perpetual futures contracts, topped the $500 million mark for the first time since April 19, according to data tracked by Coinglass. That's more than double in two weeks. As of today, DOGE open interest has surged to $6.2 billion, close to the high of $6.43 billion reached on April 8th. The combination of increased open interest and higher prices suggests that new money is coming into the market. In addition, as of writing, the open-weighted funds rate has fallen to zero, suggesting a balance between bullish long positions and bearish short positions.

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