Surge in Dogecoin Futures Open Interest Hits $1.62 Billion
Speculative interest in XRP and DOGE futures is increasing, despite signs of declining spot price momentum. Key points include:
- DOGE futures open interest rose from $989 million to $1.62 billion, a 63.9% increase.
- DOGE's price increased by nearly 40% this week, trading over 23 cents.
- XRP's open interest grew by over $1 billion, or 41.6%, with price rising from about $2.14 to $2.6.
- Rising open interest amidst fading price action indicates aggressive speculative positioning.
- This pattern raises the potential for significant liquidations if market sentiment changes.
- Open interest serves as a proxy for speculative activity and can precede flash crashes.
The current surge in futures bets suggests that both DOGE and XRP remain in high-risk, high-reward scenarios.