Dogecoin's (CRYPTO: DOGE) rising open interest signals increased interest in DOGE, with traders calling for the apex meme coin to break out soon.
What Happened: Dogecoin's open interest increased by 13% to $761.5 million, the highest since June 17, according to Coinglass. Derivatives trading volume increased by 105%.
Dogecoin is up 15% over the past seven days, with rising open interest indicating increased interest in trading the meme coin.
Crypto trader Crypto Newton tweeted that Dogecoin "looks primed for an aggressive up move," adding that its outperformance is a catalyst for a meme coin season.
Trader Tardigrade expects a bullish rally for the meme coin based on technical chart patterns.
$DOGE has completed the "Spring" in Wyckoff Pattern
— Trader Tardigrade (@TATrader_Alan) July 22, 2024
If it surges back to the resistance levels, it could be a very well structured Re-accumulation form. A Bull Rally is expected. pic.twitter.com/zAUIbPzSg8
Another analyst predicts a 50-60% bullish wave based on a bullish falling wedge pattern.
Also Read: Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But '2021 May Never Happen Again,' Muses Trader
Why It Matters: IntoTheBlock data shows Dogecoin's large transaction volume increased by 85 and daily active addresses grew by 12.4%. Exchanges netflows soared by 76.9%. With the meme coins price trajectory indicating strength, 78% of Dogecoin holders are currently in profit.
Bitinfocharts indicates Dogecoin's wallet addresses holding 1 billion to 10 billion DOGE increased to 14% from last week's 13%.
Whale Alert data shows 400 million DOGE, worth $50.4 million, were transferred from Robinhood to an unknown wallet on the weekend.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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