With the rising interest in the derivatives market, Dogecoin (DOGE) is showing strong signs of rebound. The previously negative trend in Dogecoin futures trading activity has significantly changed, with a substantial increase in its open interest over the past day.$DOGE
According to data from CoinGlass, on Friday, December 12, Dogecoin futures traders held over 10.5 billion Dogecoins, valued at over $1.48 billion. This marks a steady increase of 1.08% in the open interest of this meme asset over the past day.
Dogecoin is sending bullish signals
Although Dogecoin has been in a downward trend for the past few days, its open contract volume has changed in the past few hours, indicating that a significant rebound may be imminent.
Although the open contract volume of Dogecoin is a tool for measuring how much capital investors are willing to invest in the asset, an increase in this indicator reflects a bullish signal for the DOGE price.
According to data from CoinMarketCap, Dogecoin has risen by 2.16% in the past 24 hours. After hitting a low of $0.1365 during the day, Dogecoin's trading price is $0.1409 at the time of writing.
This indicator is contrary to the trends of the entire cryptocurrency derivatives market, as the open contract volume of major cryptocurrencies, including XRP, has decreased in the past day.
As investor interest grows, Dogecoin seems poised for a significant price rebound.
However, data shows that traders on the Gate.io exchange have shown the greatest interest, as the proportion of traders betting on the asset is the highest on this exchange.
It is worth noting that Gate.io accounts for 24.82% of the total open contract volume, while Binance ranks second with a share of 18.38%, with a total of 1,930,000,000 DOGE tokens committed on the exchange.
