"Dogecoin (DOGE) surges 7% in 24 hours… Futures open interest surpasses $3 billion"

There is analysis suggesting that the significant buying pressure and expansion of derivative positions are driving the upward trend of Dogecoin (DOGE).

According to the cryptocurrency-focused media outlet CoinDesk on the 14th, Dogecoin soared more than 7% in the past 24 hours and temporarily broke through the $0.25 resistance level. During the same period, over 1 billion DOGE (worth about $200 million) were net bought from whale wallets, and the size of futures open interest exceeded $3 billion. On this day, the proportion of Dogecoin held by whale investors was approaching 50% of total supply.

As of 16:14 on this day, based on Binance’s USDT market, DOGE was trading at $0.2456, up 3.43% from the previous day.

The outlet explained, "In the futures market, the trend is to maintain long positions, and traders are closely monitoring whether the $0.25 support will hold and whether whale wallets will continue accumulating."

Meanwhile, open interest refers to the number of contracts for positions in the derivatives market that have not yet been closed by traders. An increase in open interest indicates that capital is flowing into the market. Generally, the greater the open interest, the higher the potential for coin price volatility.