In summary
- Open interest in Dogecoin options hit a record $4.06 billion on Saturday, according to CoinGlass.
- Elon Musk fueled interest after announcing possible DOGE payments on X.
- DOGE is up 185% in the last month, trading at $0.39 despite a recent 9% drop.
Dogecoin options open interest surpassed $4 billion over the weekend, the highest figure ever recorded for the top meme Cryptocurrency.
On Saturday, cryptocurrency futures traders had $4.06 billion worth of bets on the meme cryptocurrency, according to data from CoinGlass. That marks a new record for the asset. The figure has since decreased to $3.6 billion, as of Monday.
Of that number, most traders are betting that the asset’s price will fall in the future, according to CoinGlass, with $1.9 billion in “short” contracts waiting to expire.
Open interest refers to the number of contracts that have not yet been settled by traders. In derivatives markets, traders bet money on the future price of cryptocurrencies like Dogecoin (DOGE).
Earlier this month, following Donald Trump’s presidential election victory, open interest in Dogecoin touched $2.75 billion, close to a record high.
But the money keeps flowing. Saturday’s increase in bets came a day after speculators quickly snapped up the asset—causing a jump in price on Friday—following news that the world’s richest man, Tesla CEO Elon Musk, planned to introduce payments on its social media platform, X (formerly known as Twitter).
The businessman has previously spoken about how cryptocurrency could be useful for website payments.
Interest in the asset has increased this year since Musk started talking about the meme coin again and even named a government agency DOGE—the Department of Government Efficiency. Musk will lead the department with billionaire Vivek Ramaswamy when President-elect Donald Trump becomes U.S. leader again in January.
Musk, who became a staunch Republican and supporter of Donald Trump’s campaign for the White House, has talked about DOGE as his favorite cryptocurrency for years, often causing big price spikes.
The coin was originally created as a joke, but is now heavily traded in cryptocurrency markets and is the seventh largest digital asset by market cap. It has given rise to thousands of copycat coins and a vibrant memecoin market. Memecoins are cryptocurrencies based on internet jokes and memes. They are known for their volatility.
DOGE is now priced at just over $0.39, according to CoinGecko, following a drop of almost 9% in the last day. Still, in the last month, it has increased more than 185%.
Edited by Andrew Hayward
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