Dogecoin Breaks Another Record as Open Interest Surpasses $4 Billion

Open interest on Dogecoin options topped $4 billion over the weekend, the highest mark ever for the top coin.

Crypto futures traders bet $4.06 billion on the meme coin on Saturday, according to CoinGlass data. watch. This is a new high for this asset. That figure has since fallen to $3.6 billion as of Monday.

Of that number, the majority of traders are betting on a future decline in the asset’s price, CoinGlass shows, with $1.9 billion in “short” contracts awaiting expiration.

Open interest refers to the amount of contracts that have not yet been settled by traders. In derivatives markets, traders bet money on the future price of cryptocurrencies like Dogecoin (DOGE).

Earlier this month, following Donald Trump’s victory in the presidential election, open interest in Dogecoin neared an all-time high of $2.75 billion.

But the money continues to flow. The increase in betting on Saturday came a day after speculators quickly snapped up the asset…leading to an increase in prices On Friday, following news that the world’s richest man, Tesla CEO Elon Musk, planned to introduce payments to his social media platform, X (formerly Twitter).

The entrepreneur has previously spoken about how cryptocurrency could be useful for website payments.

Interest in this asset has increased this year since Musk started talking on the meme coin again and even named a DOGE government agency – the Department of Government Effectiveness. He will head the department with billionaire Vivek Ramaswamy when President-elect Donald Trump becomes leader of the United States again in January.

Musk, who became a staunch Republican and supporter of Donald Trump’s campaign for the White House, said DOGE had been his favorite cryptocurrency for years, which typically led to big price increases.

The coin was originally created as a joke, but is now generating substantial trading action in crypto markets and is the seventh largest digital asset by market capitalization. It spawned thousands of copied coins and a vibrant meme coin market. Meme Coins are cryptocurrencies based on internet jokes and memes. They are known for their volatility.

DOGE is now Dear to just over $0.39, according to CoinGecko, a drop of almost 9% over the past day. Even so, over the past month it has surged more than 185%.

Edited by Andrew Hayward