The Dogecoin (DOGE) community is enjoying a double-digit price spike as the meme coin with the largest market capitalization celebrates its 10th anniversary.
Dogecoin is considered the flag bearer of the meme coin category. It was created on Dec. 6, 2013, as a joke, but its popularity gradually grew, making it the 10th largest cryptocurrency based on market capitalization.
Despite its large market capitalization, traders should be cautious while trading the meme coin because they are subject to extreme volatility.
Dogecoin (DOGE) Celebrates 10th Birthday With 17% Pump
The screenshot below shows that DOGE has surged by over 17% in the past 24 hours, trading at $0.103. With this, DOGE has revisited the highs of April 2023, when the meme coin pumped after Elon Musk replaced the Twitter (now X) logo with the Dogecoin logo.
Moreover, data from CoinGlass shows that Dogecoin has an open interest of $706 million. Open Interest indicates an interest in the derivatives (futures/options) market.
In practical terms, this implies that there are currently active Dogecoin derivatives trades with a combined notional value of $706 million. Dogecoin Open Interest has already exceeded the April 2023 highs.
Due to the strong surge in Dogecoin’s price, short positions worth over $6.29 million have been liquidated in the past 24 hours. In the past 24 hours, the total liquidation amount is $9.12 million, including $2.83 million worth of liquidations of long positions.
Read more: What are Perpetual Futures Contracts in Cryptocurrency?
Finally, Dogecoin is now testing a major resistance at $0.106 on the weekly time frame. The screenshot below shows that Dogecoin took rejection from the resistance multiple times in Nov. 2022 and April 2023.
Will it manage to give a weekly crossing above the $0.106 resistance?
Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know
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