DOGE futures set a record open interest at $1 billion, signaling strong trading interest in the tokens. According to data from Coinalyze, nearly 70% of these bets were on the long side, expecting the memecoin to go higher. CoinDesk's Jennifer Sanasie presents the 'The Chart of the Day.
The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day, Dogecoin bullish bets have reached a record $1 billion dodge tokens were up as much as 40% before giving back some gains as Bitcoin rallied to over $63,000 open interest or the amount of unsettled bets on dodge futures increased over 54 since Wednesday.
According to coin glass data setting a lifetime record of $1 billion in bets involving the tokens. An increase in open interest means that new or extra money is entering the market. Data shows 70% of traders are long on doge expecting it to go higher. Some in crypto circles say that meme tokens may be more attractive to retail investors as the bull market continues mainly due to their relevance and pop culture, low unit bias and familiarity. That's a wrap for today's chart of the day.
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