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The crazy rise of Dogecoin: Bullish bets reach a record $1 billion

restocked Dogecoin (DOGE) A list of the best performing digital currencies among the 20 largest currencies on the market, coinciding with the rise of Bitcoin, which took the entire market with it. Despite the significant rise that Bitcoin is currently witnessing, there is currently a bigger winner among digital currencies, namely Dogecoin.

Increased Dogecoin Price (DOGE) has increased by around 14% over the past day, as it is now trading at $0.11. This makes it the currency with the largest increase in the last 24 hours among the largest digital assets. The price almost approached $0.12 on Wednesday, its highest level since November 2022.

The rise of the famous meme currency over the last 4 days has reached more than 58%.

It occupies Dogecoin DOGE It ranks as the tenth largest cryptocurrency, with a market value of $15.7 billion.

On Tuesday, he ranked 11th behind Avalanche (AVAX). But it has since taken a leap forward as “meme mania” has taken hold of marketers.

The price of Bitcoin (BTC) has seen a significant rise, attracting most of the market. The price of Bitcoin (BTC) rose from $59,000 to over $63,000.

Dogecoin sets bullish betting records

show bYant of Coinglass This is the volume of open interest, or the volume of futures contracts being wagered on. Dogecoin coin DOGE. It has increased more than 54% since Wednesday, reaching a record $1 billion.

Dogecoin (DOGE) futures betting volume.
Dogecoin (DOGE) futures betting volume.

An increase in the amount of open interest means that new or additional money is entering the market. Data shows that 70% of traders are long DOGE, meaning they expect it to rise.

In contrast, Coinglass data shows that short positions. However, bets against Dogecoin have lost more than $40 million in the last 24 hours.

Appear Data From CryptoQuant, which tracks the price action of Dogecoin, the relative strength index (RSI) of the symbol. A measure of the rate of price change, it has reached an “overbought” level, indicating a “possible trend reversal” in the coming days.

On the fundamental side, the Dogecoin project development team released major version 1.14.7 to the network on Tuesday. This is a minor release that improved security and updated node operators. Another recent technical improvement is the introduction of ordinals on the Dogecoin blockchain. Some developers have even released popular games running entirely on Dogecoin.

Some cryptocurrency market analysts say meme coins could be more attractive to retail investors as speculation increases in the market.

This is mainly due to its prominence in popular culture and its "low unit bias".

It is a term that refers to the tendency of some users to purchase and invest in digital currencies that are significantly low in value compared to other currencies. This trend is usually caused by the feeling that it is easy to make big profits if the value of the cryptocurrency increases slightly.

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