The Dogecoin open curiosity has been on the rise over the previous few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the value of the meme coin has been reflecting the expansion seen by its open curiosity.
This current bullish momentum pushed the value of DOGE to interrupt the $0.22 mark, its highest level in three years. Nonetheless, the query is – how far can this rally go for the foremost meme token?
Dogecoin Open Curiosity Breaks Above $2 Billion
In keeping with knowledge from CoinGlass, the Dogecoin open curiosity broke by way of the $2 billion mark on Friday, March 29. Though DOGE’s open curiosity stands at round 1.96 billion at press time, it rose as excessive as $2.21 billion on Friday, a brand new document for the meme coin.
Open curiosity is a metric that measures the entire variety of futures or choices contracts of a specific cryptocurrency (Dogecoin, on this case) available in the market at a given time. It supplies perception into the sum of money buyers are pouring into DOGE derivatives presently.
The meme token’s open curiosity has had fairly a efficiency because the begin of March. DOGE’s open curiosity rose to $1.6 billion (an all-time excessive on the time) earlier within the month earlier than retracing to under $1 billion by March 20.
It’s price noting that there was a excessive correlation between open curiosity and Dogecoin’s value, with each climbing on the similar time and at virtually the identical tempo. Usually, a rising open curiosity can recommend a continuation of the development across the asset’s value for the time being.
In the end, the present excessive open curiosity for DOGE might imply a fast value motion for the meme coin within the close to future. Nonetheless, it will be troublesome to inform the path during which this spurt of volatility would take the value of Dogecoin, particularly as open curiosity isn’t probably the most optimum indicator of traits or value motion.
DOGE Value Overview
As of this writing, the Dogecoin value stands at $0.204, reflecting a 4.6% decline within the final 24 hours. Whereas the meme token’s value has considerably struggled since hitting the three-year excessive, it has managed to retain most of its revenue from the previous week.
In keeping with CoinGecko knowledge, the Dogecoin value is up by a whopping 18% previously seven days. This optimistic efficiency has strengthened DOGE’s place as the biggest meme coin available in the market, with a market capitalization of $29 billion.
Dogecoin value sees slight correction on the each day timeframe | Supply: DOGEUSDT chart on TradingView
Featured picture from Pexels, chart from TradingView
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