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Highlights
- Dogecoin saw its open interest jump by 5.24% to $1.3 billion in 24 hours through perpetual contracts only.
- Binance currently has $581 million in Dogecoin open interest, far ahead of Bybit at $410 million and OKX at $244 million.
- OKX attracted $1.33 million in net inflows over the past four hours, followed by Coinbase with $1.25 million.
Dogecoin (DOGE) has displayed a sharp rise in market activity after its open interest climbed to $1.3 billion in the last 24 hours. According to the latest Coinalyze data, the Dogecoin open interest rose by 5.24% during this period.
Rise in DOGE Perpetual Contracts Suggests Short-Term Speculative Frenzy
Open interest (OI) helps show how much money is flowing into a specific market. A rise in OI indicates that more traders are taking positions. Also, it suggests growing interest in the digital asset, which could influence the next price direction for DOGE.
What’s notable in this DOGE OI is that all the $1.3 billion was in perpetual contracts. This shows that short-term speculators are dominating the perpetual market for Dogecoin.
As futures contracts with no expiry date, many traders choose them because they can get exposure to price changes continuously without any need to roll over contracts.
Binance and Bybit Dominate DOGE Open Interest
The Coinalyze chart shows that Binance and Bybit are the two crypto exchanges controlling the largest share of the Dogecoin open interest market.
DOGE open interest on Binance is at $581 million, while it is at $410 million on Bybit. OKX ranks third with $244 million. Meanwhile, Huobi, BitMEX, and Kraken are exchanges with a smaller portion of the OI.
This distribution indicates that the majority of trading activity is concentrated on a few key platforms. The 5% growth in open interest suggests that there’s an increasing number of traders betting on the next direction of DOGE’s price, whether up or down.
Source: Coinalyze
Even though the OI data doesn’t specify whether the traders are long (expecting a price rise) or short (betting the price will drop), the jump is a sign that a price change will happen soon.
The volume of leveraged positions and the next direction of the Dogecoin price will determine whether the rise in open interest will result in gains or losses.
OKX and Coinbase Lead in New DOGE Money Inflows
The last four hours saw the highest DOGE trading activity at Binance with $18.57 million and OKX with $10.97 million came in second. Data shows $4.34 million to $5.15 million of activity was found on Kraken, Coinbase and Bybit.
It is clear from the net inflows heatmap that most of the new money coming down this meme coin’s trades ends up at OKX with $1.33 million and at Coinbase with $1.25 million. Unlike these two exchanges, Binance, Kraken and Coinbase had very little net inflow.
Dogecoin stays at the top of meme coins sector with Shiba Inu ranking second.
DOGE heatmap. Source: Coinglass
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