Following the most recent collapse in the cryptocurrency market, Dogecoin (DOGE) looks to be targeting a price recovery. Following many weeks of upswings in the cryptocurrency market as a whole, DOGE has now begun to decline. The meme currency, which is renowned for its parabolic price swings, has had difficulty recovering in recent days.
Still, there has been a little increase in the price of Dogecoin today. The price of DOGE is $0.1354 at the time this article was written. In the last day, the well-known meme coin has seen a noteworthy rise of 5.61%. It is important to acknowledge that the price of Dogecoin has decreased by 20.66% in the past seven days, underscoring the severity of the current market collapse.
Is Dogecoin eyeing price rebound?
It seems that things have started to change generally in the midst of today’s modest increase in DOGE’s price. A key Dogecoin measure is indicating impending bullish momentum. According to CoinGlass data, Open Interest in DOGE has increased by 4.92% in the past day. Owing to this modest but significant increase, Open Interest is currently just $967.80 away from $1 billion, a staggering amount.
Further analysis of the CoinGlass data reveals that Binance, a cryptocurrency exchange, is leading the Dogecoin Open Interest rise. The coin’s open interest on the well-known trading platform is $297.76 million, with Bybit coming in second with $241.31 million and OKX third with $102.15 million, among other platforms.
For those who are unaware, open interest—a critical measure that indicates the total number of open positions in a certain cryptocurrency, in this instance Dogecoin—is shown. Following the recent price collapse, investor interest in the meme currency is once again increasing, as seen by the current spike in this statistic. This increase is viewed as positive news for Dogecoin, which is already trying to ignite a new price surge.
