Dogecoin (DOGE) futures saw a 40% increase in a crucial statistic over the course of the last day, suggesting that traders are taking more risks. This metric has traditionally indicated local price peaks in cryptocurrency markets.The quantity of unfilled futures bets, or open interest, surged to above 7 billion DOGE tokens on Friday, surpassing records established in April.about current prices, these positions are valued about $600 million.
With $275 million worth of futures holdings, Binance has over half of the bets, followed by Bybit with $134 million and OKX with $85 million.Given that the long-to-short ratio is 50% on both sides, it is possible that traders have hedged every wager.In general, rising open interest indicates a bullish inclination among futures traders.On the other hand, if it suddenly surges or grows excessively high, traders may be building short positions, which could be a negative warning of an impending change in market patterns.In comparison to the rest of the market, the rise in DOGE open interest is unusual.There was a 5% decline in futures that tracked popular tokens like ether (ETH) and bitcoin (BTC).
The news of a space payload mission by Pittsburgh-based company Astrobotic to deliver a tangible dogecoin token to the moon in December caused DOGE values to soar by more than 12% on Thursday.Furthermore, some traders claim that abrupt increases in meme coins like DOGE are typically negative occurrences that signal increased risk-taking and the conclusion of a larger cryptocurrency rise.