The open interest of DOGE contracts is approaching 3 billion! Indicators suggest there is still room for an increase.

CN
1 day ago

Today (November 30), according to the latest data, the open interest of DOGE is $2.998 billion, attracting widespread attention in the market, indicating its high market activity. Additionally, an analyst tweeted that the MVRV indicator suggests that DOGE still has room for growth.

DOGE Open Interest Approaches $3 Billion, Market Active

Open interest is an important indicator of market activity, representing the total value of contracts in the futures market that have not yet been settled. According to the latest data, today (November 13), DOGE's open interest is close to $3 billion, reaching $2.998 billion, with a contract trading volume increase of 86.28%, which undoubtedly shows a significant increase in investor interest and participation in DOGE.

DOGE Open Interest Approaches $3 Billion! Indicators Suggest It Still Has Room for Growth_aicoin_Img1

Image Source: Internet

On November 12 (Eastern Time) and November 13 (Singapore Time), U.S. President-elect Trump announced that Musk and American entrepreneur Vivek Ramaswamy would lead the proposed "Department of Government Efficiency" (D.O.G.E). Trump also stated that the "Department of Government Efficiency" would pave the way for dismantling government bureaucracy, reducing excessive regulation and wasteful spending, and restructuring federal agencies.

Musk also tweeted today that all actions of D.O.G.E will be published online to achieve maximum transparency. Musk's mention of D.O.G.E on social media has further sparked market interest in Dogecoin, even though this proposal is not directly related to Dogecoin.

DOGE Open Interest Approaches $3 Billion! Indicators Suggest It Still Has Room for Growth_aicoin_Img2​​​​​​​

Image Source: x

Musk's celebrity effect has once again energized the DOGE market, driving an increase in DOGE market activity. After Musk's tweet at 9 AM today, DOGE rose by 3.79% within ten minutes.

MVRV Index Indicates DOGE Has Room for Growth

Analyst Ali tweeted today that historically, when the MVRV exceeds 78%, it indicates that the DOGE market is about to peak. As of today (November 13), Dogecoin's MVRV has reset to 45.65%, indicating that DOGE still has significant room for growth.

The MVRV index (Market Value to Realized Value Ratio) is an important indicator used to assess the health of the cryptocurrency market and potential trends. It measures market conditions by comparing the ratio of an asset's current market value to its realized value.

DOGE Open Interest Approaches $3 Billion! Indicators Suggest It Still Has Room for Growth_aicoin_Img3

Image Source: x

Trader and analyst Beiming even predicts that DOGE may surpass Ethereum (ETH) within six months, becoming the second-largest cryptocurrency after Bitcoin (BTC). A year ago, his prediction that BTC would complete its final step to become a "national reserve" has largely come true this year.

DOGE Open Interest Approaches $3 Billion! Indicators Suggest It Still Has Room for Growth_aicoin_Img4

Image Source: x

Earlier, on November 8, it was reported that Spirit Blockchain Capital had completed the acquisition of Dogecoin Holdings. Ankr co-founder Chandler Song announced an investment in Dogecoin Holdings and will serve as a strategic advisor, stating that he will participate in building Dogecoin MicroStrategy.

Spirit Blockchain Capital plans to hold a large amount of Dogecoin and develop its ecosystem. With Spirit Blockchain Capital's acquisition and Chandler Song's involvement, the future development of Dogecoin is highly anticipated, and these initiatives will further significantly enhance Dogecoin's market acceptance and ecosystem development.

Conclusion

The current market dynamics of DOGE show strong growth potential. The increase in open interest and the positive signals from the MVRV indicator both indicate that DOGE still has significant room for growth in the future. As market attention towards cryptocurrencies continues to rise, DOGE is expected to continue attracting investor interest and achieve higher market value in the future. Investors should remain cautious when participating in the market, paying attention to market changes and potential risks.

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

Share To
APP

X

Telegram

Facebook

Reddit

CopyLink