Dogecoin (DOGE), the popular meme cryptocurrency, has witnessed a remarkable price surge of 6.52% in the past 7 days. Despite a minor dip in the last 24 hours, the overall trend remains positive for the beloved Shiba Inu-inspired token. In this article, we will delve into Dogecoin’s recent price movements, the factors contributing to its uptrend, and the growing interest in DOGE in the perpetual futures market.
Dogecoin’s price performance has been impressive, with a 6.52% increase in the past week. While the token experienced a slight decline of 0.99% in the last 24 hours, the recent surge of 0.61% in the past hour showcases the market’s dynamic nature.
DOGE’s Biggest Single-Day Gain Since April
On July 26, Dogecoin experienced a remarkable 10% single-day gain, the most significant surge since April 3, according to data from Binance tracked by charting platform TradingView. The impressive rally comes amid mounting speculations about DOGE potentially being utilized as a payment mechanism on the rebranded Twitter platform.
Markus Thielen, head of research and strategy at Matrixport, shared his insights: “As crypto is entering the summer lull that we initially expected for August, DOGE might be the summer’s highflyer as other crypto themes are taking a backseat. Musk is on a marketing tour in re-inventing Twitter.” The association with Elon Musk and the potential integration with Twitter have undoubtedly added to DOGE’s appeal.
Increasing Perpetual Futures Market Interest
The perpetual futures market tied to DOGE has witnessed a significant surge in notional open interest, reaching the $500 million mark for the first time since April 19, according to data tracked by Coinglass. The impressive tally has doubled in just two weeks, indicating a growing interest in trading DOGE futures.
In DOGE terms, open interest has surged to 6.2B, nearing the peak of 6.43B on April 8. The combination of an increase in genuine interest alongside a price rise signifies an influx of new money into the market. It is often seen as a confirmation of an uptrend.
What’s Next for Dogecoin?
As Dogecoin’s price performance continues attracting attention, traders and investors keenly observe DOGE’s next moves. Integrating DOGE as a payment mechanism on Twitter could further boost its adoption and utilization.
However, exercising caution and conducting thorough research is essential when trading cryptocurrency, as the market remains highly volatile and unpredictable. External factors, including overall market sentiment and regulatory developments, can also influence DOGE’s price trajectory.
Currently trading at $0.0792 per DOGE, the token still maintains an 89.29% gap from its all-time high of $0.74.