Dogecoin Futures Soar to Record $1 Billion Open Interest

Dogecoin (DOGE), the popular meme cryptocurrency, has reached a new milestone with its futures market. According to data from Coinglass, DOGE futures have hit an all-time high of $1 billion in open interest, representing the total value of outstanding contracts.

Centralized Exchanges Dominate

The majority of DOGE futures trading is concentrated on four major centralized crypto exchanges: Binance, ByBit, OKX, and BingX. These platforms account for $960 million of the total open interest, with Binance and ByBit contributing over $300 million each.

Long Positions Prevail

Data from Coinalyze shows that most futures contracts for DOGE are long positions, meaning traders are betting on its price rising. Long positions account for 69.88% of all DOGE options, while short positions (bets on price decline) make up 30.13%.

Rapid Growth

Dogecoin’s open interest has surged 27% in just one day. This rapid growth is likely driven by the recent price rally, which has seen DOGE gain over 54% in the past week.

Current Price and Performance

At the time of writing, DOGE is trading at $0.128, up 15.39% in the past 24 hours. This represents a significant increase from its seven-day low of $0.083 set on February 23rd.