Dogecoin

Dogecoin (DOGE) has seen a surge in popularity, with its price reaching over $0.40 for the first time since 2021. In the past four weeks, the number of Dogecoin wallets holding less than 100,000 DOGE increased by 74,885. Meanwhile, large holders, with over 100,000 DOGE, saw a decline of 350 addresses over the same period. However, recent data shows that 108 of these large wallets have returned, fueling the latest rally.There is also record-high open interest in Dogecoin futures. On Monday, the CoinGlass <a href="https://www.coinglass.com/pro/futures/OpenInterest" rel="noopener noreferrer nofollow">data</a> shows that the open interest in Dogecoin futures was $2.75 billion. It rises from $2.21 billion recorded in the previous high in March. However, despite this increased focus, many traders are hedging against a continuation of the price rise. Among those options, 50.75% were short options on Monday, meaning that some traders hope that the price of Dogecoin will stop rising.The increase in Dogecoin’s price and trading volume follows the latest U.S. presidential election. After Donald Trump’s re-election, <a href="https://cryptotale.org/dogecoin-hits-three-year-high-as-musk-and-trump-drive-rally/" rel="noopener noreferrer nofollow">Dogecoin</a> has surged, growing by almost 100 percent. The reason behind the rise of the coin could be associated with Elon Musk, who supports the biggest supporters. Musk played a significant role in Trump’s campaign and is expected to have a place in the new administration. Trump even proposed creating a new agency, the Department of Governmental Efficiency (D.O.G.E.), with Musk as its head.<a href="https://cryptotale.org/doge-soars-above-0-40-as-retail-interest-and-futures-surge/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

DOGE Soars Above $0.40 as Retail Interest and Futures Surge

CryptoTale

Other articles published on Nov 12, 2024

First Bitwise Aptos Staking ETP Will Be Launched in Europe

Introduction to Shieldeum

Tesla’s Bitcoin Holdings Surpass $1 Billion, Totaling 11,509 BTC

Bitcoin ETFs Surge with Record Inflows as Price Nears All-Time High

Canary Capital Files for First Hedera (HBAR) Spot ETF with SEC: Will It Be Approved?

DeltaPrime Hack Shakes DeFi Industry: $4.8 Million Lost to Exploit

Join our free newsletter for daily crypto updates!