Dogecoin (DOGE) is making headlines, with its recent price surge sparking discussions of a potential 300% bull run. As meme tokens gain traction, DOGE’s open interests have surged significantly.
This development indicates a growing interest in leveraging these tokens within their blockchain ecosystems.
Dogecoin Grabs Crypto Traders’ Attention
In the last 24 hours, Dogecoin’s value soared by 30%, pushing its market cap to $18.6 billion. Data from Coinglass shows a 51% jump in open interest for DOGE futures in the past 24 hours. This leap set a record with a $1.09 billion bet on the token.
Such a spike in open interest signals fresh capital entering the market. Remarkably, 68% of traders are betting on DOGE’s price to climb even higher with long positions.
Meme tokens like Dogecoin continue to draw investors’ attention. Their cultural relevance and familiarity make them appealing, especially in a bull market. This trend is clear as shorts on DOGE have faced over $40 million in liquidations in a single day. Futures trading allows for betting on price movements without owning the asset, often leading to significant losses.
Along with Dogecoin, other meme coins, such as BONK and Shiba Inu, have also recorded significant gains. The overall market cap of the leading meme cryptocurrencies has increased by over 25% in the last day, reaching $33.6 billion.
Pseudonymous analyst Kaleo sees a bright future for Dogecoin, suggesting a major rally against Bitcoin. He advises not to underestimate Dogecoin, often called the “king” of meme coins. Another analyst, Rekt Capital, shares this optimism.
“A monthly close above the macro downtrend would kickstart a new macro uptrend for DOGE,” Rekt Capital said.
In fact, if it prints a monthly close above the macro downtrend, Dogecoin can enter a 300% bull run to test $0.52. As of writing, DOGE is battling the resistance of 0.618 Fibonacci level at $0.14.
Read more: How to Buy Dogecoin (DOGE) Anonymously: A Step-by-Step Guide
Now ranked tenth among the world’s largest cryptocurrencies, Dogecoin has a market cap of $15.7 billion. It has even surpassed Avalanche in value. Its impressive performance, coupled with significant technical improvements and the positive outlook of traders, underscores Dogecoin’s potential for further growth.
However, after the rapid price spike, CryptoQuant’s analysis reveals an “overbought” status for Dogecoin. The data suggests that a short-term trend reversal might be on the horizon.
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