In keeping with knowledge offered by blockchain analytics agency Glassnode, meme cryptocurrency Dogecoin (DOGE) has skilled a 63% enhance in open curiosity over the previous week alone.
The speedy enhance in OI comes even supposing the Bitcoin worth has pulled again considerably from its latest peak.
The entire worth of open futures positions now stands at a whopping $1.62 billion.
Glassnode claims that this type of “decoupling” signifies intense speculative positioning. This primarily implies that merchants are betting extra money on Dogecoin’s worth motion.
As reported by U.Right this moment, World Macro CEO Raoul Pal predicted that the main cryptocurrency may probably attain new highs towards Dogecoin.