8 hour ago
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Dogecoin Futures Trading Volume Surges 53,000% Amidst Price Lag
Dogecoin Futures Surge
- Dogecoin's futures trading volume surged by 53,000% on BitMEX, reaching over $260 million.
- The trading volume across exchanges increased by 10%, totaling $2.6 billion.
- Long/short ratio for Dogecoin is at 0.9, with Binance showing a ratio of 2, indicating bullish sentiment.
Market Context
- Dogecoin price hovers around $0.13, following a significant downtrend since October.
- Meme coin mirrors Bitcoin's price struggles; Bitcoin is below $90,000.
- Dogecoin ETFs show zero net inflows and low trading volumes recently.
Future Prospects
- If Dogecoin reclaims $0.138, it could align with Bitcoin reaching $88,000-$91,000.
- Analysts suggest potential for Dogecoin to rally to $6 in a parabolic surge phase.
