Dogecoin: As Open Interest crosses 3-year high, how did DOGE react?

• DOGE’s Open Curiosity sat at an ATH at press time.
• This rise got here amidst the meme coin market’s current rally.

Dogecoin’s [DOGE] Futures Open Curiosity has climbed to its highest stage for the reason that tenth of Could 2021, when the main meme coin exchanged arms at an all-time excessive of $0.6, in accordance with Coinglass. 

Supply: Coinglass

This rise coincided with a broader rally within the meme coin sector, whose market capitalization has climbed considerably within the final week. 

Per CoinMarketCap’s information, the values of different common meme-based property like Shiba Inu [SHIB], Pepe [PEPE], dogwifhat [WIF], Floki [FLOKI], and Bonk [BONK] have seen vital will increase within the final week. 

Throughout the identical interval, DOGE’s value climbed by 75% to trade arms at $0.14, its highest since April 2022. 

As of this writing, DOGE’s Futures Open Curiosity totaled $1.19 billion.

The current rise within the coin’s Futures Open Curiosity suggests the entry of recent cash into its derivatives market. It additionally signifies that extra merchants are opening new positions or sustaining present ones.

Further information from Coinglass confirmed that for the reason that bull cycle started final October, DOGE’s Funding Charges throughout exchanges have been constructive.

When an asset’s funding charges are constructive, it signifies that its holders proceed to commerce in favor of a value rally. It’s deemed as a bullish sign.

Extra milestones for DOGE

The current spike in demand for meme cash has resulted in a corresponding progress in DOGE’s social exercise.

AMBCrypto discovered that, at press time, the coin’s Social Dominance and Quantity sat at their highest ranges since June 2023.

In line with information from Santiment, DOGE’s Social Dominance was 3.25% as of the 2nd of March, whereas its social quantity closed the identical day at 880.

Supply: Santiment

A surge in an asset’s social exercise accompanied by a corresponding progress in its value is a bullish sign. It usually means that the market will not be permeated by mere “noise.” 

Additional, DOGE’s value progress previously week has pushed its Market Worth to Realized Worth (MVRV) Ratio to a brand new excessive. This was 66.28% at press time, the coin’s highest MVRV ratio since October 2021.

Supply: Santiment

Is your portfolio inexperienced? Take a look at the DOGE Profit Calculator

This metric measures whether or not an asset is overvalued or undervalued.

At 66.28%, DOGE’s MVRV ratio confirmed that its holders had been assured a mean of 66% on their investments in the event that they bought on the press time value.