Dogecoin Investors Pour $3.42 Billion into Derivatives Market Despite 4% Price Drop

Dogecoin investors remain bullish despite a nearly 4% price decline in the past week, pouring over 15 billion DOGE ($3.42 billion) into the derivatives market in the last 24 hours. Gate investors led with a total open interest of 3.29 billion DOGE ($750.2 million), followed by Binance, Bybit, OKX, and Bitget. Whale activity has also increased, with a large holder transferring 400 million DOGE from Robinhood, indicating possible accumulation moves in anticipation of a bullish rally.

Despite a nearly 4% price drop in the past week, Dogecoin (DOGE) investors have demonstrated unwavering interest, pouring over 15 billion DOGE ($3.42 billion) into the derivatives market in the last 24 hours. This significant open interest indicates a bullish sentiment among investors, as they commit substantial capital to the cryptocurrency.

Gate investors led the charge, with a total open interest of 3.29 billion DOGE ($750.2 million), accounting for 21.92% of the total open interest. Binance followed closely with 20.13%, committing 3.03 billion DOGE worth approximately $688.92 million. Bybit, OKX, and Bitget rounded out the top five, with respective commitments of 2.05 billion DOGE ($467.01 million), 1.71 billion DOGE ($388.56 million), and 1.58 billion DOGE ($358.71 million).

In addition to the rise in open interest, whale activity has also increased. A large holder transferred 400 million DOGE from Robinhood, indicating potential accumulation moves in anticipation of a bullish rally. Despite the recent dip in price, the open interest figures ignite hopes for a potential recovery. Should Dogecoin bounce back, market participants are likely to set their sights on the $0.30 price level, as previously hinted by its technical indicators.

The surge in open interest and whale activity in Dogecoin, despite its recent price decline, indicates a strong belief among investors in the cryptocurrency’s potential for recovery. This bullish sentiment, coupled with the significant amount of capital committed to the derivatives market, suggests that investors are positioning themselves for a potential rally in the near future.

References:
[1] https://www.bitcoinsensus.com/news/altcoins/dogecoin-price-dips-13percent-after-inflation-data-traders-await-fed-signals
[2] https://finance.yahoo.com/news/dogecoin-investors-remain-bullish-despite-201611741.html
[3] https://uk.finance.yahoo.com/news/dogecoin-investors-remain-bullish-despite-201611741.html
[4] https://investorempires.com/dogecoin-price-rockets-past-14-day-resistance/