The Dogecoin open interest has seen a notable explosion over the last few days amid heightened excitement for the Donald Trump Inauguration Day on January 20. This event has quickly become the most anticipated event in crypto currently, marking the entrance of the very first pro-crypto president into the United States White House. Thus, traders are expecting the inauguration to be positive news for the market and are already placing their bets on it.
Dogecoin Open Interest Climbs To $4.27 Billion
The Dogecoin open interest started seeing a notable climb toward the end of 2024 and the last days saw it rise over $2.7 billion. Since then, the Dogecoin open interest has almost doubled, with notable daily surges happening as crypto traders take their positions. This has led to a new one month high for the open interest, showing the rising participation from crypto investors all over the world.
In the last 24 hours alone, the Dogecoin open interest has risen 3.68% to bring the total open interest to 12.01 billion DOGE. This translates to $4.27 billion, and the last time that the open interest was this high was back in December 2024 before the market crash sent the numbers spiraling. Between January 14 and 15, the Dogecoin open interest climbed by over $400 million.
Interestingly, Binance is no longer the dominant exchange for the Dogecoin open interest as Gate has taken over. Of the 12.01 billion DOGE figure, Gate accounts for 4.89 billion DOGE, with Binance coming in second place with 2.15 billion DOGE. Next on the list is Bybit with 1.96 billion DOGE, and then Bitget with 1.01 billion DOGE. The rest fall below one billion, meaning the top 4 exchanges account for around 80% of the Dogecoin open interest.
In terms of growth in the last 24 hours, Hyperliquid is fast becoming a trader favorite, seeing its Dogecoin open interest surge by 20.56%, according to data from Coinglass. This puts it ahead of Kraken with a 19.02% sure and OKX with an 8.08% surge.
DOGE Headed For $1?
With the excitement surrounding the inauguration and the establishment of Elon Musk’s Department of Government Efficiency (D.O.G.E), expectations for the DOGE price are on the high side. However, selling pressure continues to bog down the meme coin, suggesting that there is still skepticism about whether a rally is possible from here. According to data from CoinMarketCap, the Dogecoin daily trading volume is down by over 21%.
At the time of writing, the Dogecoin price was trending at $0.35, down 12% from its monthly highs.
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