Dogecoin Rides Bitcoin Wave: Hits One-Month High In Open Interest As Price Hits 10 Cents
Portfolio Pulse from Khyathi Dalal
Dogecoin (CRYPTO: DOGE) has seen a surge in notional open interest (OI) by 58% to $625 million, the highest since Nov. 2, 2022, following the recent Bitcoin rally. The meme cryptocurrency's price crossed the 10-cent mark for the first time since April 2022, with a 10% increase in the past 24 hours and a 35% gain over the past month. Elon Musk's tweet about 'Progress' in response to X News Daily's report on his company acquiring a money transmitter license is seen as a potential catalyst for DOGE's market surge.
December 06, 2023 | 7:20 pm
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Dogecoin's notional open interest has surged by 58% to $625 million, and its price has increased by over 10% in the past 24 hours, indicating strong investor interest and bullish sentiment.
The increase in notional OI and price action for Dogecoin is a direct result of the overall positive sentiment in the cryptocurrency market, particularly following Bitcoin's rally. Elon Musk's influence on DOGE's market movements is well-documented, and his recent tweet is likely to have contributed to the bullish sentiment. Given the historical impact of Musk's statements on DOGE and the current market dynamics, there is a high likelihood of continued short-term positive momentum for Dogecoin.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100