Dogecoin (DOGE) has recorded a significant 2.44% uptick in open interest as traders bet on the futures market tied to the meme coin. According to CoinGlass data, investors committed to 10.60 billion DOGE valued at $1.80 billion in fiat currency in the last 24 hours.
Surges as futures traders bet on DOGE recovery
The amount of fiat currency committed to the Dogecoin futures market suggests tremendous confidence for traders. Despite lingering market volatility, these traders anticipate price recovery for DOGE, which has lost 9.31% of its value in the last seven days.
Notably, the confidence level is highest among Gate.io exchange traders, who account for 25.7% of the total futures open interest. These investors have committed $463.27 million to boost the meme coin.
Binance investors closely follow them with $414.96 million.
Other exchanges with significant commitments are Bybit, Bitget and OKX, with $277.63 million, $190.91 million and $184.62 million, respectively.
Following the uptick in open interest, Dogecoin has begun its recovery journey in the crypto market. As of press time, DOGE is changing hands at $0.1703, representing a 1.44% increase in the last 24 hours.
However, trading volume has not mirrored price recovery. It is still down by 13.20% at $888.51 million.
Whales and Bitcoin as DOGE’s potential catalyst
The current setup suggests that Dogecoin could witness a bullish rebound if volume spikes. Market dynamics also signal a potential recovery as the leading digital currency, Bitcoin, is on an upward rise.
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If Dogecoin’s large holders should reawaken like they did last week, DOGE might witness a significant gain. Dogecoin whales increased their activities by 41%, transacting $23.35 billion worth of DOGE.
It is worth noting that if DOGE succeeds in rebounding to the $0.20 level, it could flip Tron and replace it as the eighth-ranked crypto asset by market capitalization.
