Over $600 million worth of Dogecoin is currently locked in open futures contracts, the highest amount since early November 2022. The price of DOGE gained over 10% in 24 hours and over 27% in the past week, hitting its highest price point since April 2022 of over $0.10. This price rise and increase in open interest in DOGE futures indicates an uptrend for Dogecoin, as rising prices combined with growing open interest is a bullish signal. Speculators seem to be taking on more risk by investing in meme and joke cryptocurrencies like DOGE as bitcoin's price rallies, using them as leveraged bets on bitcoin's price movements. DOGE and other meme coins tend to experience more extreme price swings than bitcoin, so their prices rising sharply could be an early warning sign of speculative excess if their gains outpace bitcoin.
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00:00 Benzinga and here's what's on the block.
00:02 Over $600 million worth of Dogecoin is currently locked in open futures contracts,
00:07 which is the highest amount since early November 2022. The price of Doge gained over 10% in the
00:13 past 24 hours and over 27% in the last week, which is hitting its highest price point since April
00:18 2022 of over 10 cents. The price rise and increase in open interest in Doge futures indicates an
00:24 uptrend for Dogecoin as rising prices combined with growing open interest is a bullish signal.
00:30 Speculators seem to be taking on more risk by investing in the meme and joke cryptocurrencies
00:34 like Doge as Bitcoin's price rallies, using them as leverage bets on Bitcoin's price movements.
00:40 Doge and other meme coins tend to experience more extreme price swings than Bitcoin,
00:44 so their prices rising sharply could be an early warning sign of speculative access
00:49 if their gains continue to outpace Bitcoin. For all things money visit Benzinga.com