Traders Eye Dogecoin Amid Surge in Futures Open Interest, Trading Volume

Traders Eye Dogecoin Amid Surge in Futures Open Interest and Trading Volume

Traders are becoming increasingly optimistic about Dogecoin (DOGE) after its price hit a monthly high on July 20. Despite the enthusiasm, some remain cautious about declaring a confirmed uptrend. According to CoinMarketCap data, DOGE has gained 6% in the past 24 hours and over the past 30 days, Dogecoin has gained 6.64% amid the market recovery.

In addition to the price action, Dogecoin saw a significant increase in Open Interest (OI), which is the total value of all past-due futures contracts. According to CoinGlass data, Dogecoin’s open interest increased by 15% in the last 24 hours to $771 million, the highest level in July. DOGE’s derivatives trading volume also increased by 34% to $2.6 billion.

Pseudonymous trader EricCryptoman told his followers that Dogecoin is experiencing a “Textbook breakout and retest in play,” which could overtake Ethereum and Solana. Meanwhile, pseudonymous crypto trader ‘theunipcs’ highlighted DOGE’s “incredible strength,” suggesting that it is leading the memecoin rally and will “pull other established memes along with it.” He also noted the strong correlation with Floki (FLOKI), which has recently seen gains during DOGE rallies.

There has also been speculation as to whether Dogecoin could repeat its previous dramatic rise following the Bitcoin halving. Dogecoin reached an all-time high of $0.73 on May 8, 2021, nearly a year after the 2020 Bitcoin halving. If history repeats itself, Dogecoin could potentially reach a new all-time high in April 2025, a year after the upcoming Bitcoin halving.