Dogecoin open interest has experienced a notable explosion in recent days amid increased enthusiasm for Donald Trump’s inauguration day on January 20. This event has quickly become the most anticipated event in crypto today, marking the entry of the first ever pro-crypto president into the United States White House. So, traders are expecting the inauguration to be positive news for the market and are already betting on it.
Dogecoin Open Interest Climbs to $4.27 Billion
Dogecoin open interest began seeing a notable rise towards the end of 2024 and the last few days have seen it surpass $2.7 billion. Since then, Dogecoin open interest has nearly doubled, with notable daily increases as crypto traders take their positions. This led to a new one-month high for open interest, showing the growing participation of crypto investors around the world.
In the last 24 hours alone, the Dogecoin Open Interest increased by 3.68% to bring total open interest to 12.01 billion DOGE. That equates to $4.27 billion, and the last time open interest reached this high was in December 2024, before the stock market crash caused the numbers to skyrocket. Between January 14 and 15, Dogecoin open interest soared by over $400 million.
Interestingly, Binance is no longer the dominant exchange for Dogecoin open interest since Gate has taken over. Of the 12.01 billion DOGE, Gate accounts for 4.89 billion DOGE, with Binance coming in second with 2.15 billion DOGE. Next on the list is Bybit with 1.96 billion DOGE, then Bitget with 1.01 billion DOGE. The rest falls below a billion, meaning the top 4 exchanges account for around 80% of Dogecoin’s open interest.
In terms of growth over the last 24 hours, Hyperliquid is quickly becoming a favorite among traders, seeing its Dogecoin open interest rise 20.56%, according to data of Coinglass. This puts it ahead of Kraken with a certainty of 19.02% and OKX with an increase of 8.08%.
DOGE heading towards $1?
With the enthusiasm around the inauguration and the creation of Elon Musk’s Department of Government Efficiency (DOGE), expectations for the price of DOGE are high. However, selling pressure continues to bog down the same corner, suggesting that there is still skepticism that a rally is possible from here. According to data according to CoinMarketCap, Dogecoin’s daily trading volume is down more than 21%.
At the time of writing, the Dogecoin Price was trending at $0.35, down 12% from its monthly highs.
Featured image created with Dall.E, chart from Tradingview.com