Over $600 mn Locked in Open Dogecoin Futures
Bitcoin’s recent rally has sparked interest in non-serious cryptocurrencies like dogecoin (DOGE), which gained over 10% in the past 24 hours to trade above $0.10 for the first time since April. DOGE’s prices have also increased by 27% in seven days, indicating a surge in the crypto market.
The notional open interest tied to DOGE has risen by 58% to $625 million in one week, reaching its highest since November 2, 2022. Funding rates on several exchanges have surged to an annualized 50% or more, indicating a premium in perpetual futures relative to spot prices. Positive rates indicate investor preference for long bets and collective optimism for price increase.
(With inputs from Shikha Singh)
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