Dogecoin (DOGE) Dominates the Meme Ecosystem, Sucking Liquidity from the Market
- Susan SarandonOriginal
- 2024-10-20 21:32:16803browse
Dogecoin (DOGE) has made news again, as the popular meme coin appears to be dominating the meme ecosystem.
Dogecoin (DOGE) price has made another appearance in the cryptocurrency news today, as the popular meme coin seems to be leading the meme eco. In a tweet, Bluntz, a well-known analyst, says that DOGE appears to be sucking liquidity from the whole meme coin market.
“Looks to me like Dogecoin (DOGE) is sucking liquidity out of the entire meme eco right now.”
Nothing seems bullish to me like DOGE does consistently on all the timeframes. According to Bluntz’s analysis, DOGE tends to rally massively during altseason, leaving other altcoins largely untouched.
Rising Open Interest Shows Growing Optimism Among Dogecoin Traders
More data points also seem to be justifying this positive sentiment. As we previously reported, earlier on, DOGE’s open interest (OI) had already crossed $800 million, and today, CoinGlass data shows that it has climbed even further to reach $1.06 billion.
This rise in OI shows traders a growing optimism and activity in the market. OI essentially counts the active contracts in the futures market, and hence, this increase implies that more people are betting on DOGE’s price movement.
Highlighting the bullishness even further, Binance’s DOGE/USDT Long/Short Ratio currently stands at 1.1533. Showing that there are more longs than shorts on DOGE and that more traders are betting on the price to go up than down.
Moreover, as CNF just covered yesterday, among the top five daily gainers across the crypto market, both Dogecoin and Floki Inu were present. This strong performance highlights the growing optimism traders have in a possible meme coin comeback, and the rising open interest and price actions for these tokens hint at an overall expectation for more near future upward momentum.
Meanwhile, the price of DOGE now trades around $0.1433, up notably by 28.26% over the past seven days. Its market capitalization has recently crossed $20 billion.
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