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Dogecoin's OI Sees Massive 64% Surge
According to data provided by blockchain analytics firm Glassnode, meme cryptocurrency Dogecoin (DOGE) has experienced a 63% increase in open interest over the past week alone
The rapid increase in OI comes despite the fact that the Bitcoin price has pulled back significantly from its recent peak.
The total value of open futures positions now stands at a whopping $1.62 billion
Glassnode claims that this sort of "decoupling" indicates intense speculative positioning. This essentially means that traders are betting more money on Dogecoin's price action
As reported by U.Today, Global Macro CEO Raoul Pal predicted that the leading cryptocurrency could potentially reach new highs against Dogecoin