Massive 66.5% Drop in Dogecoin (DOGE) Open Interest: Implications on Future Price Trends
Release: 2024/05/04 07:12 Reading: 951
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The Dogecoin open interest has experienced a significant decline over the past month, raising concerns about the meme coin's future prospects.
Currently, the open interest has fallen significantly from its all-time highs reached in March, returning to levels similar to those observed in early February. Historically, such a sharp drop in open interest has been associated with a subsequent decline in the price of the cryptocurrency.
Dogecoin's Open Interest Crashes by 66.5%, Sparking Concerns
In March, Dogecoin's open interest surged to a record high of $1.91 billion, following a period of steady growth. This surge was accompanied by an increase in the price of DOGE, as investors sought to capitalize on the rally. The growth continued into early April, but the price has since entered a downtrend.
Decline in Open Interest and DOGE Price
According to data from Coinglass, Dogecoin's open interest stood at $1.87 billion on April 1. However, within a week, it had plummeted by $600 million. The decline persisted throughout April, reaching $763 million by month's end. The bearish trend extended into May, with the open interest steadily decreasing. At the time of writing, the total Dogecoin open interest has reached $625.7 million, representing a substantial 66.5% drop from its $1.87 billion level just a month earlier.
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