Dogecoin Open Interest Hits $3.41B as Market Rebound Fuels Bullish Bets

Dogecoin’s open interest surged to $3.41 billion in 24 hours following a broad crypto market rebound and renewed investor confidence.

Over 14.41 billion DOGE were committed to futures contracts, showing traders’ expectations of further price gains despite earlier market weakness.

DOGE price rose 4.09% daily to $0.24, with analysts noting a bullish flag pattern pointing to a potential $0.27 target.

Dogecoin’s futures market has seen a strong uptick in investor activity, with open interest climbing to $3.41 billion across major exchanges in the last 24 hours. The rise comes as the token’s price hit $0.24 on August 12, following a broader rebound in the cryptocurrency market.

Data from Coinglass shows DOGE’s open interest grew more than three percent in just four hours, despite the token trading in negative territory earlier in the day. The shift was fueled by a sudden reversal in market sentiment, which lifted prices across leading cryptocurrencies after several hours of sideways movement.

Heavy Futures Commitment

In the same 24-hour period, traders committed over 14.41 billion DOGE to futures positions. Open interest reflects the total number of unsettled derivative contracts and serves as an indicator of market engagement. The sharp increase points to a stronger appetite for leveraged exposure to the token’s price movements.

While DOGE’s trading volume remained subdued, the token posted a daily gain of 4.09%. Market capitalization also climbed by 3.93% over the same period, suggesting continued support from buyers even as trading activity lagged behind price action.

Analysts Eye Higher Price Targets

The recent rally has reduced speculation that DOGE’s momentum would stall until regulatory approval of a DOGE-based exchange-traded fund. Crypto analyst Ali Martinez highlighted the formation of a bullish flag pattern on the hourly chart, projecting a potential price move toward $0.27 if current momentum holds.

The new vigor of DOGE reflects a general rebound in the digital assets market, in which a number of large tokens have registered price rebounds following long periods of stability. The open interest increases, and the price action compounds the desire by the market to position majorly to the upside in the short term.

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