Dogecoin has remained in the spotlight despite unstable market conditions that have seen the prices of leading cryptocurrencies consistently stay in the red. The popular meme coin has recently recorded over a 4% increase in its open interest volume over the last 24 hours, according to data from CoinGlass.
### Dogecoin Open Interest Hits November High
The data reveals that Dogecoin’s futures traders have committed a substantial 2.16 billion DOGE to its derivatives market, signaling renewed interest across the ecosystem. This surge in futures activity marks the highest open interest the leading meme token has recorded so far in November, indicating a resurgence in speculative appetite for Dogecoin.
While Dogecoin’s open interest as of November 14 stood at around 2.05 billion DOGE, an additional 11 million DOGE tokens have been added to futures contracts within the last day. Although Dogecoin’s price has shown weakness amid a broad market correction, traders seem increasingly eager to commit more tokens in the derivatives market in anticipation of a potential breakout.
### Price Movements and Market Sentiment
Dogecoin was trading positively during the early hours of the day but has since reversed direction. At the time of writing, Dogecoin is priced at $0.1618, reflecting a modest decline of 0.44% over the past 24 hours, according to CoinMarketCap.
Recent liquidation events have impacted traders holding long positions in Dogecoin due to frequent price corrections. However, momentum appears to be returning to the Dogecoin ecosystem. Notably, the rise in open interest—fueled by the earlier price uptick—suggests that traders are actively opening new positions. This behavior might be driven by attempts to maximize gains or to recover from previous losses.
Overall, despite short-term price fluctuations, the growing commitment in Dogecoin’s futures market points to a renewed confidence among traders, potentially setting the stage for future price movements.
https://bitcoinethereumnews.com/tech/11000000-doge-committed-to-futures-in-24-hours-as-futures-activity-prints-bullish-signal/
