Dogecoin (DOGE), the popular meme coin, has seen another price bump in which its price goes unnoticed. DOGE has decidedly defied expectations and continues its rally following in Bitcoin (BTC) footsteps, proving a growing correlation.
Dogecoin has capitalized on the momentum, unlike any other altcoins that have failed to keep up with BTC’s movements. The experts predict that the upward trajectory for DOGE has no end and several of market’s indicators are indicating that things will only get better for DOGE.
Dogecoin Open Interest Spikes
A massive increase in trading volume is one of these bullish signals. The 24 hour trading volume of DOGE has surged by 30.23 per cent, rising to $3.94 billion, accordings to data from CoinGlass. That will translate to a big wave of investor interest, and it’s a big leap from the $1 billion range.
Alongside trading volume, Open Interest (OI) has also spiked up massively, 19.53% higher now, reaching $926.10 million. The spike in OI is a result of an uptick in the number of open positions in the market which point to a bright outlook for DOGE’s future.
At the time of writing, Dogecoin is tagged at $0.1335, 9.61 percent increase in a day. The meme coin has seen it market capitalization grow 9.66% to 19.55 billion, something in which has helped it rise to the eighth spot on the market. Positive sentiment rules and investors wait for Dogecoin’s rally to continue.
