Open interest Dogecoin Options topped $4 billion over the weekend. This is the highest record among the best meme coins.
On Saturday, cryptocurrency futures traders placed $4.06 billion worth of bets on the meme coin CoinGlass data. show. This is a new high for the asset. That figure has since fallen to $3.6 billion as of Monday.
Of that number, the majority of traders are betting that asset prices will decline in the future, with $1.9 billion in “short” contracts waiting to expire, CoinGlass found.
Open interest refers to the amount of the contract that the trader has not yet settled. In the derivatives market, traders bet on the future price of cryptocurrencies such as Dogecoin (DOGE).
Earlier this month, following Donald Trump’s presidential election victory, Dogecoin’s open interest reached close to $2.75 billion.
But the money keeps flowing. The surge in betting Saturday came a day after speculators quickly snapped up assets.Leading to a surge in prices Friday—following news that Tesla CEO Elon Musk, the world’s richest man, plans to introduce a payments feature to his social media platform X (formerly known as Twitter).
The entrepreneur previously spoke about how cryptocurrencies could be useful for website payments.
Interest in the asset has surged this year since Musk started talking about meme coins again and named the government agency DOGE, the Department of Government Efficiency. He will lead the department alongside billionaire Vivek Ramaswamy when President-elect Donald Trump becomes the leader of the United States again in January.
Musk, a staunch Republican who became a backer of Donald Trump’s White House campaign, has said DOGE is his favorite cryptocurrency for years, which usually leads to big price surges.
Although this coin was originally created as a joke, it now drives significant trading activity in the cryptocurrency market and is the seventh-largest digital asset by market capitalization. This has spawned thousands of copycat coins and a vibrant meme coin market. Meme coins are cryptocurrencies based on internet jokes and memes. They are famous for their volatility.
DOGE NOW priced It’s down nearly 9% over the past day to just over $0.39, according to CoinGecko. Nevertheless, it has soared more than 185% over the past month.
Editor: Andrew Hayward
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