A number of Dogecoin Metrics Have Turned Bullish in recent days, showing greater interest from investors. This ranges from daily meme coin derivatives trading volumes until its open interest sees a significant increase. However, amidst this, the price of Dogecoin remained weak, raising concerns among investors.
Dogecoin derivatives volume and open interest rise
One of the main Dogecoin Metrics The one that has seen a significant increase recently is its derivatives trading volume. The trend began on Monday when derivatives trading volume saw a 60% increase. However, it appears that DOGE traders are far from done, as volume has nearly doubled since then.
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According data According to Coinglass, Dogecoin derivatives trading volume increased by 111% in the last day alone. This has pushed derivatives trading volume to $3.85 billion, a significant increase from the $1.99 billion recorded on Monday.
The launch of Dogecoin futures contracts by Coinbase, the leading US crypto exchange, may have something to do with this. Following its launch on April 1, 2024, the meme coin has seen increased interest in its derivative products, which explains the increase in volume.
However, derivatives trading volume is not the only thing that has increased during this time. As Coinglass data shows, the Dogecoin Open Interest has also increased significantly during this time. It has seen an increase of approximately 12% in the last day to exceed $830 million.
Despite this increase in Dogecoin open interest, it is still a far cry from its all-time high of $1.91 billion that was recorded on March 29. Therefore, the current open interest of $830 million represents a decline of more than 50% from its full level. high time. At the same time, the DOGE price It is still struggling, showing a disconnect between rising metrics and the price of the meme coin.
DOGE Price Fails to Respond to Bullish Metrics
Dogecoin price has remained low during this time, even with the increased momentum. The total daily trading volume of the meme coin increased by 128% in the last day. However, its price has barely moved 4%, even amid the meme coin craze sparked by the nft-ambitions/” rel=”nofollow”>GameStop (GME) 100% recovery.
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DOGE price has barely moved during this time and the resistance at $0.15 is strengthening. This suggests that the focus is no longer on Dogecoin during x/” rel=”nofollow”>same corner madness and rather on their newer counterparts, such as GME and Solana-based AMC, which have seen incredible rallies in the last day.
At the time of writing this article, the DOGE price is trending at $0.49, up 3.48% in the last day. However, in the longer term, the coin meme is struggling with losses of 5.79% and 4% on the weekly and monthly charts respectively.
Featured image from New York Magazine, chart from Tradingview.com
