CandleFocus Dogecoin Barks Up Another Record as Open Interest Tops $4 Billion
2024-11-25
Author: Content Editor
Open interest on Dogecoin (DOGE) options reached a record $4.06 billion over the weekend, making it the highest mark ever for the meme coin. However, the figure has since dropped to $3.6 billion. The majority of traders are expecting the price of DOGE to drop in the future, with $1.9 billion in "shorts" contracts waiting to expire. The surge in bets on DOGE came after the news that Tesla CEO Elon Musk plans to introduce payments to his social media platform, X. Interest in DOGE has increased significantly since Musk's renewed endorsement of the cryptocurrency. Despite a recent 9% dip, DOGE has surged over 185% in the past month and is now priced at just over $0.39.
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