In the techno-fueled world of cryptocurrency, Dogecoin, notorious as the ‘meme coin,’ has witnessed a surge of investor interest, analysis of several key metrics reveals. This rise in fascination comes despite the stagnant nature of Dogecoin’s monetary values, which has left a formidable trail of concerns among its backers.
An integral attribute with a significant rise in figures is the daily derivatives trading volume. Initiated on a recent Monday, this feature recorded a striking 60% surge. But it appears Dogecoin traders are far from calling it quits. Evidently, the volume has almost amplified twofold since the initial surge.
Sourced from Coinglass data, the volume of Dogecoin’s derivatives trading observed a spike of 111% within a meager 24 hours, escalating the total to $3.85 billion. This represents a remarkable climb from the earlier cited figure of $1.99 billion recorded on that pivotal Monday.
The landmark imposition of Dogecoin futures contracts by Coinbase, a reputable leader in the domain of American crypto exchange, could have potentially spurred this upward trajectory. Following its inauguration commencing on April Fool’s day of 2024, Dogecoin derivatives observed an escalating interest, accounting for this surge in volume.
Nonetheless, Dogecoin’s trading volume isn’t the sole figure observing a climb. Coinglass has recorded notable ascending figures in the domain of Dogecoin’s open interest as well. This metric has evidently ascended by an approximate of 12% during the same period, surpassing the $830 million benchmark.
Despite these formidable ascents, it’s pertinent to note the substantial journey Dogecoin has to traverse to reconnect with its record-setting figures. The $1.91 billion peak of open interest, cemented on the 29th of March, still looms large. Contrastingly, at present, the open interest sums up to $830 million, that’s over a shocking 50% drop from its zenith value. The stagnant Dogecoin value further paints a picture of disparity between the increase in metrics and the actual coin price.
Dogecoin’s actual value has remained depressingly stable, unresponsive to its rising momentum. Despite recording a 128% surge in the total daily trading volume, the meme coin’s value scarcely budged by 4%, even in the frenzy sparked off by the GameStop (GME) doubling rally. The dominance of Dogecoin seems to be waning, with new players such as Solana-based GME and AMC hogging the spotlight with their remarkable rallies.
Dogecoin harmonizes at around $0.49, recording a modest rise of 3.48% over the past day. However, upon observing the broader picture, the meme coin appears to be in struggle mode, registering a decline of 5.79% on its weekly charts and a 4% dip on its monthly counterparts. Regardless of its potential drawback, the trajectory of this meme coin continues to captivate crypto-enthusiasts.
