The interest open for term contracts on Dogecoin has sang more than 67% in the last three months.
It is according to Glass nose data common By an eminent Crypto analyst Ali Martinez on Thursday, February 27. Specifically, an open interest in the popular same has gone from December 8 from $ 4.07 billion to only $ 1.33 billion.
The open interest refers to the total number of current contracts on the derivative markets. It can often be used to assess the feeling of the market, a low open interest generally signaling a reduction in optimism on an asset.
The Dogecoin Open Interest accident is the most recent indicator of the decreasing interest in the same in recent days.
Tuesday February 25, Martinez disclosed This activity of the Dogecoin network had dropped by 95%. More specifically, the number of active addresses on the network increased from almost 1.3 million in November 2024 to around 130,000.
The dried demand comes while the recent uncertainty triggered by inflation and the concerns of the trade war have caused investors to have risks, leading to a capital leak from speculative assets like the same.
In the midst of these uncertain conditions, Dogecoin plunged more than 59% compared to the summits of December 2024 from $ 0.48,4442 to stockings of $ 0.19564.
Nevertheless, analysts remain optimistic about the chances of a rally close to Doges with stratospheric heights. In the last instance, highlighting this, the crypto analyst very followed “cryptothellitis” recently suggested This DOGE is set to reach a price of $ 5, citing a bullish cup and a handling pattern.
However, the same hand exchange for $ 0.20 at the time of writing.
Difles: This content is informative and should not be considered financial advice. The opinions expressed in this article may include the author’s personal opinions and do not reflect the basic opinion of cryptography. Readers are encouraged to do in -depth research before making investment decisions. The Crypto Basic is not responsible for financial losses.