Open interest in Dogecoin has seen a notable explosion in recent days as excitement builds ahead of Donald Trump’s inauguration day on January 20. This event has quickly become the most anticipated event in the crypto space to date and marks the beginning of the first-ever pro-cryptocurrency president into the White House of the United States. Therefore, traders expect the opening to be positive news for the market and are already betting on it.
Open interest in Dogecoin increases to $4.27 billion
Open interest in Dogecoin began to see a significant increase towards the end of 2024, rising to over $2.7 billion in the last few days. Since then, open interest in Dogecoin has almost doubled, with notable increases occurring daily as crypto traders take their positions. This has resulted in a new one-month high for open interest and shows the increasing participation of crypto investors around the world.
In the last 24 hours alone, the open interest for Dogecoin has increased by 3.68%, bringing the total open interest to 12.01 billion DOGE. This equates to $4.27 billion, and the last time open interest was this high was in December 2024, before the market crash sent the numbers skyrocketing. Between January 14th and 15th, open interest for Dogecoin increased by over $400 million.
Interestingly, Binance is no longer the dominant exchange for Dogecoin open interest as Gate has taken over. Of the 12.01 billion DOGE, Gate accounts for 4.89 billion DOGE, while Binance is second with 2.15 billion DOGE. Next on the list is Bybit with 1.96 billion DOGE and then Bitget with 1.01 billion DOGE. The rest are under a billion, meaning the top 4 exchanges account for about 80% of Dogecoin open interest.
In terms of growth over the last 24 hours, Hyperliquid is quickly becoming a favorite of traders, recording a 20.56% increase in open interest in Dogecoin, according to data from Coinglass. This puts it ahead of Kraken with a safe increase of 19.02% and OKX with an increase of 8.08%.
DOGE on the way to $1?
Given the excitement surrounding the inauguration and establishment of Elon Musk’s Department of Government Efficiency (DOGE), expectations for the DOGE price are high. However, selling pressure continues to slow the meme coin, suggesting that there is still skepticism about whether a recovery is possible from here. According to data from CoinMarketCap, Dogecoin’s daily trading volume has fallen by over 21%.
At the time of writing, Dogecoin price was at $0.35, down 12% from its monthly highs.
Featured image created with Dall.E, chart from Tradingview.com