Dogecoin has seen renewed attention from market participants as investors increase their exposure to the futures market for meme coins. Over the past 24 hours, open interest in Dogecoin futures rose to 11 billion DOGE, equivalent to $1.77 billion.
This increase in open interest suggests that traders are positioning for a potential upside move. Nevertheless, even with the volatility in the recent past, the price of Dogecoin has held above the 16-cent zone within the last four days.
The volume of trading has risen as well, despite the increased interest in futures. Active participation was shown by the increase in the daily volume by 10.79 percent to $795.31 million.
Last week, at a low point in the week’s trading activity, it fell to a level of $0.1575. However, the price has since decreased slightly, as it is trading at $0.1613 at the time of reporting, but it still depicts a decline of 2.23 percent in the last 24 hours.
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Remarkably, this recent action has been taken when Dogecoin has maintained its performance over a longer period of dominating major altcoins. In the previous 12 months, the price of Dogecoin has grown by more than 26 percent, as opposed to a 29 percent decrease in Ethereum and a 3 percent decrease in Solana.
Therefore, such a performance has maintained sentiment among holders rather stable, even in conditions of short-term weakening. The fact that it has been hovering above the $0.16 support also adds to the hope that it will make a breakout.
Open Interest Growth Builds Momentum for Dogecoin Breakout
According to CoinGlass data, the notable surge in Dogecoin’s future interest is interpreted as a sign of growing confidence. Traders allocating $1.77 billion into open contracts suggest expectations of imminent price momentum.
This level of commitment by market participants often indicates strategic anticipation of a near-term breakout. When there is more upward pressure, the probability of Dogecoin testing the resistance levels increases.
However, the coin must maintain its current support amid broader market fluctuations. Whether it will progress in the short term depends on its capacity to sustain above 0.16.
Recent trends in volume and open interest justify a reservedly optimistic attitude. Investors are looking at indicators of a bullish breakout scenario.
Dogecoin’s recent trading activity and rising futures interest reflect renewed optimism within its market. A long-term track record and good support at the 0.16 level give good potential, and the price is ready to rise, should the momentum be maintained.
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