Bittime - Dogecoin's popularityis skyrocketing again! Over the past few weeks, investor interest in Dogecoin, measured through “open interest” or the number of unclosed DOGE derivatives contracts, has continued to increase. In fact, DOGE's open interest broke its highest record twice this March!
Not surprisingly, the price of DOGE also increased. This meme token touched $0.22, the highest level in the last three years. But, the next question: how far can this DOGE price increase last?
Dogecoin Open Interest Reaches $2 Billion
According to data from CoinGlass, Dogecoin's open interest exceeded $2 billion (Rp. 31.8 trillion) on Friday, March 29. Even though DOGE's open interest is currently around $1.96 billion (Rp. 30.2 trillion), the figure reached a record high of $2.21 billion (Rp. 35.1 trillion) on Friday.
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Open interest is an indicator that measures the total number of futures contracts or options for a particular cryptocurrency (in this case DOGE) that have not been closed on the market at a certain time. This information shows how much money is invested in DOGE derivative products currently.
DOGE open interest has shown extraordinary performance since the beginning of March. The figure rose to IDR 25.4 trillion or around $1.6 billion (the highest record at that time) at the beginning of the month before falling below $1 billion or almost IDR 16 trillion on March 20.
Also read: Bitcoin Survives, Dogecoin Soars
Interestingly, there is a strong correlation between open interest and the price of Dogecoin. Both rise at the same time and at almost the same speed. Usually, an increase in open interest can be a signal that the upward trend in DOGE prices will continue.
However, the current high open interest does not necessarily guarantee an increase in DOGE prices. Open interest is not an absolute indicator for predicting trends or price movements. This means that it is difficult to determine whether this surge in investor interest will have a positive or negative impact on the price of DOGE going forward.
Also Read How To Buy Crypto:
History of Dogecoin
Dogecoin (DOGE) was born in December 2013, the work of two software engineers (Jackson Palmer and Billy Markus). Initially, they created DOGE as a joke, a digital currency themed around memes (funny images that go viral on the internet).
The DOGE logo is not far from the joke theme, namely a picture of a Shiba Inu dog (a Japanese dog breed that became popular as a meme in 2013).
Even though it started as a joke, Dogecoin turned out to be more than just a meme. It is an open-source digital currency (the program code is open to the public) that can be used for transactions between users.
Dogecoin uses the Scrypt algorithm which makes the transaction process easier and faster than conventional blockchain technology.
Current DOGE Price
Source: Bittime
To date, the price of Dogecoin is at $0.21 (Rp. 3,372), up 2.33% in the last 24 hours. Although its price has declined slightly since hitting a three-year high, DOGE managed to maintain most of its gains from last week.
According to CoinGecko, the price of Dogecoin rose 18% in the past week. This positive performance further strengthens DOGE's position as the largest meme token on the market, with a market capitalization of $29 billion or around IDR 461 trillion.
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DOGE Price Journey
- Flat for 7 Years (December 2013 - December 2020): The price of DOGE was fairly stagnant during this period.
- Unexpected Surge (January 2014): DOGE trading volume briefly exceeded Bitcoin and all other cryptocurrencies.
- Falling to Lowest Point (May 6, 2015): DOGE reached its lowest price of $0.0000869.
- Affected by the Crypto Market Collapse (Early 2018): DOGE prices rose but were also dragged down due to the fall in Bitcoin and other cryptocurrencies.
- Soaring because of Elon Musk (January 2021): A tweet from Elon Musk, CEO of Tesla, caused the price of DOGE to rise drastically by 339% to $0.032642 (around Rp. 500).
- All-Time Highest Price (May 8, 2021): DOGE reached its peak price of $0.682 (around IDR 10,800) per coin.
Also read: Meme Coin SHIB and DOGE Holders Approaching Important Milestone, What Is It?
Even though it has received support from celebrities, the use of DOGE for business transactions is still relatively rare.
How to Buy Dogecoin (DOGE) on Bittime
You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR. To be able to buy DOGE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime.
Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Doge Coin (DOGE) Price Prediction According to Crypto Academy
Dogecoin (DOGE) Whale Moves 332.9 Million DOGE to Binance
How to Sell Dogecoin (DOGE), Here's the Guide!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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