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Approaching "Doug's day": Dogecoin Futures Volumes Rise to 2 Billion and Price Expected to Continue to Rise

pink The value of Dogecoin (DOGE) encrypted at 20% last week. Driven by anticipation of what became known as “Doge Day” and the launch of Dogecoin futures products on the Coinbase trading platform.

This rise coincided with a significant increase in Dogecoin futures trading. This indicates a high degree of speculation about the future of this currency. This trend is interpreted as many traders anticipating further rise in the price of Dogecoin.

Just Data From the “Coinglass” platform, the volume of open Dogecoin futures contracts has recently increased, surpassing the $2 billion mark, which is a strong indicator of increased market activity. This means that investors are betting more on the future price of Dogecoin, expecting to see a further rise.

High volume of open interest before Doge Day
High volume of open interest before Doge Day

Also, financing rates Dogecoin DOGE It remains positive since the start of the big stock market rally in October 2023.

The funding rate, or “funding rate,” in the cryptocurrency market is a concept used primarily in perpetual futures trading and represents the fees traders pay themselves to keep their positions open.

Basically, the funding rate ensures a balance between long and short positions open in the market. If there are more buyers than sellers, the financing rate is positive, and vice versa.

This means that long position holders (who bet that the price will go up) make money from short position holders (who bet that the price will go down). This dynamic indicates a market bias towards an increase in the price of the cryptocurrency.

Binance leads the futures exchange with around $640 million, followed by PayBit ​​​​with $623 million and PingX with $300 million. This distribution of interest across these platforms shows the enthusiasm and confidence investors have in Dogecoin.

Doge Day is coming

This positive trend is partly due to rumors about possible inclusion Dogecoin DOGE Within the payment options on the “X” platform (formerly Twitter).

As we know, Elon Musk clearly expresses his admiration for Dogecoin, which increases the chances that the “X” platform will adopt the currency within its payment system.

The other factor that supports the price of the most famous meme coin is the approach of the date of “Doge Day”, which will fall on April 20, which is of great importance for fans and investors of the Dogecoin currency .

What is Doge's Day?

Doge Day is a day dedicated to celebrating Dogecoin, a cryptocurrency created in 2013 as a joke. It is celebrated on April 20 each year, this date having been chosen because it marks the birthday of the Shiba Inu which appears on the Dogecoin logo.

On this day, Dogecoin fans strive to spread awareness of the digital currency and attract more investors by:

  • Mass Buying of Dogecoin: The Dogecoin community encourages purchasing large quantities of the currency at once, which increases demand and increases its price.

  • Promoting Dogecoin on Social Media: Members of the Dogecoin community post content about the coin on social media platforms such as Twitter and Facebook, which helps raise awareness of the coin.

  • Events and Initiatives: The Dogecoin community organizes various events and initiatives to celebrate the coin, such as fundraisers for charity or hosting competitions.

What is its impact on the price of Dogecoin?

The effect of the doge's day depends on Dogecoin Price On several factors, such as:

  • Dogecoin Community Participation: The more people participate in Doge Day, the greater its impact on the price of the coin.

  • Market Condition: If the cryptocurrency market as a whole is in a bullish state, the price of Dogecoin will likely increase during Doge Day.

  • News and Reports: News and reports about Dogecoin can affect the price of the coin, especially during Doge Day.

Investors should be careful before investing in Dogecoin, especially during Doge Day.

the reasons:

  • Cryptocurrencies are very volatile: prices of cryptocurrencies can change significantly in a short period of time.

  • Doge Day is a speculative event: the increase in the price of Dogecoin on Doge Day is based on speculation and not on the intrinsic value of the coin.

  • There is no guarantee that the price of Dogecoin will increase: it is possible that the price of the coin could fall during or after Doge Day.

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