Dogecoin Derivatives Volume and Open Interest Spike 111% - What About Price?

Dogecoin metrics show bullish signs with increased derivatives trading volume and open interest, but price remains stagnant, worrying investors.

Dogecoin has recently seen a surge in bullish metrics, indicating growing interest from investors. One notable metric is the significant increase in derivatives trading volume, which has almost doubled in recent days. Data from Coinglass shows a 111% increase in derivatives trading volume, reaching $3.85 billion, up from $1.99 billion just a few days ago.

The launch of Dogecoin futures contracts by Coinbase may have contributed to this uptick in interest in derivatives products. Despite the increase in trading volume, the Dogecoin price has remained stagnant, causing concern among investors. The open interest in Dogecoin has also seen a notable rise, with a 12% increase to over $830 million in the last day.

However, this open interest is still far from its all-time high of $1.91 billion, indicating a disconnect between the rise in metrics and the price of the meme coin. The Dogecoin price has struggled to gain momentum, despite a 128% increase in daily trading volume. Resistance at $0.15 remains strong, suggesting that attention has shifted to other meme coins like Solana-based GME and AMC.

Currently, the DOGE price is hovering around $0.49, with a modest 3.48% increase in the last day. However, the meme coin is facing losses of 5.79% and 4% on the weekly and monthly charts, respectively. This indicates a challenging time for Dogecoin amidst the broader meme coin craze. Investors will be closely watching to see if the price can break through resistance levels and regain momentum in the coming days.