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Dogecoin spikes as open interest hits $2.2 billion

By:
on Mar 28, 2024
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  • Dogecoin soared more than 17% in 24 hours to break above $0.22.
  • The gains come amid a series of bullish catalysts for DOGE, pushing open interest above $2.2 billion.
  • Crypto analyst Rekt Capital says the meme coin's macro downtrend is likely over.

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Dogecoin (DOGE) soared 17% to trade above $0.22 on Thursday, reaching its highest price level late November 2021.

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DOGE, which peaked at $0.73 in May 2021, had established an intraday range of $0.1818 – $0.2212 at the time of writing.

Per data on CoinGecko, the top ranked meme coin was seeing a $6.7 billion. That’s an increase of more than 86% in the past 24 hours.

What next for Dogecoin price?

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Dogecoin price has surged by more than 40% in the past week and more than 125% in the past 30 days. The bullish flip for the OG meme coin has seen break back into the top 10 cryptocurrencies by market cap.

Can the growing bullish bets on DOGE catapult the meme coin to its all-time high and potentially reach the psychological $1?

Earlier in the day, crypto analyst Rekt Capital shared the chart below, suggesting that the Dogecoin macro downtrend was over.

Currently, Dogecoin’s $31 billion market cap puts it above 10th-placed Cardano, which has a market cap of $23 billion.

As highlighted previously, Dogecoin price has surged amid a series of positive news reports. One was the impending listing of Dogecoin futures trading by Coinbase.

The exchange reportedly eyes futures trading for DOGE alongside Litecoin and Bitcoin Cash on April 1.

Another bullish catalyst is the speculation that Elon Musk’s X Payments could adopt DOGE as a payment currency. Musk’s recent comments about Tesla accepting Dogecoin also sparked interest.

The overall anticipation for DOGE price has seen Open Interest in Dogecoin spike to above $2.2 billion.

According to data from Coinglass, OI in the meme coin has soared more than 25% in the past 24 hours.

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