Share this article
Over $600M Locked in Open Dogecoin Futures as DOGE Price Hits Highest Since April
An increase in open interest alongside a rise in price is said to confirm an uptrend.
Updated Dec 7, 2023, 4:42 p.m. Published Dec 6, 2023, 10:44 a.m.
Bitcoin's recent rapid rally has revived risk-taking in the crypto market, spurring investors to pour money into non-serious cryptocurrencies like dogecoin [DOGE], which was created as a joke 10 years ago.
DOGE, the world's leading meme cryptocurrency, has gained over 10% in the past 24 hours to trade above $0.10 for the first time since April, according to data tracked by TradingView. The prices has gained 27% in seven days, seemingly tracking bitcoin's surge to $44,000 from $38,000.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The notional open interest – or the dollar value locked in the number of active futures and perpetual futures contracts – tied to DOGE has risen by 58% to $625 million in one week, reaching the highest since Nov. 2, 2022, according to data source CoinGlass. That increase, alongside a rising price, is said to confirm the uptrend.
Funding rates on several exchanges have surged to an annualized 50% or more, indicating a steep premium in perpetual futures relative to spot prices, Velo Data data show. Positive rates indicate investor preference for long, or bullish, bets and reflect collective optimism that prices will likely increase.
Joke cryptocurrencies are high-beta assets with a history of moving in the direction of bitcoin, only more so. In other words, they behave as leveraged plays on the largest cryptocurrency.
Thus, investors should be watchful of potential extreme bullish action in DOGE relative to bitcoin as an indicator of speculative froth often observed at the tail end of the marketwide bullish trend.
DOGE's latest surge, though impressive, isn't necessarily a sign of excess greed, considering the DOGE/BTC ratio remains at bear-market depths.
A rapid surge in the ratio presaged BTC's April 2021 top above $60,000 and the market-wide FTX-induced panic of November 2022.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
Top Stories
