Dogecoin: As Open Interest crosses 3-year high, how did DOGE react?

• DOGE’s Open Curiosity sat at an ATH at press time.
• This rise got here amidst the meme coin market’s latest rally.

Dogecoin’s [DOGE] Futures Open Curiosity has climbed to its highest degree because the tenth of Could 2021, when the main meme coin exchanged fingers at an all-time excessive of $0.6, in response to Coinglass. 

Supply: Coinglass

This rise coincided with a broader rally within the meme coin sector, whose market capitalization has climbed considerably within the final week. 

Per CoinMarketCap’s knowledge, the values of different in style meme-based property like Shiba Inu [SHIB], Pepe [PEPE], dogwifhat [WIF], Floki [FLOKI], and Bonk [BONK] have seen important will increase within the final week. 

Throughout the identical interval, DOGE’s value climbed by 75% to alternate fingers at $0.14, its highest since April 2022. 

As of this writing, DOGE’s Futures Open Curiosity totaled $1.19 billion.

The latest rise within the coin’s Futures Open Curiosity suggests the entry of recent cash into its derivatives market. It additionally signifies that extra merchants are opening new positions or sustaining present ones.

Further knowledge from Coinglass confirmed that because the bull cycle started final October, DOGE’s Funding Charges throughout exchanges have been optimistic.

When an asset’s funding charges are optimistic, it signifies that its holders proceed to commerce in favor of a value rally. It’s deemed as a bullish sign.

Extra milestones for DOGE

The latest spike in demand for meme cash has resulted in a corresponding progress in DOGE’s social exercise.

AMBCrypto discovered that, at press time, the coin’s Social Dominance and Quantity sat at their highest ranges since June 2023.

In response to knowledge from Santiment, DOGE’s Social Dominance was 3.25% as of the 2nd of March, whereas its social quantity closed the identical day at 880.

Supply: Santiment

A surge in an asset’s social exercise accompanied by a corresponding progress in its value is a bullish sign. It usually means that the market is just not permeated by mere “noise.” 

Additional, DOGE’s value progress prior to now week has pushed its Market Worth to Realized Worth (MVRV) Ratio to a brand new excessive. This was 66.28% at press time, the coin’s highest MVRV ratio since October 2021.

Supply: Santiment

Is your portfolio inexperienced? Take a look at the DOGE Profit Calculator

This metric measures whether or not an asset is overvalued or undervalued.

At 66.28%, DOGE’s MVRV ratio confirmed that its holders had been assured a mean of 66% on their investments in the event that they offered on the press time value.