Futures for meme asset Dogecoin (DOGE) have reached a record $1 billion worth of open interest, according to new data.
According to market intelligence platform Coinglass, the dog-themed memecoin has reached an all-time high of $1 billion in open interest, or the total number of outstanding derivatives contracts for that particular asset.
According to the data, the overwhelming majority of options contracts were placed through four major centralized cryptocurrency exchange platforms: Binance, ByBit, OKX, and BingX.
Together, these four companies withdrew $960 million worth of Dogecoin futures, with Binance and Bybit each contributing more than $300 million.
Other cryptocurrency exchanges that have seen significant activity in terms of DOGE derivatives include Huobi, BitMEX, dYdX, Kraken, and Coinbase.
According to data from Coinalyze, which compiles statistics on cryptocurrency futures, the majority of futures traded involving popular meme assets over the past day have been long positions. Coinalyze found that 69.88% of DOGE options were bought and 30.13% were sold, resulting in a ratio of 2.32.
Additionally, Coinalyze discovered that Dogecoin’s open interest increased by a whopping 27% in just one day.
Dogecoin is trading at $0.128 at the time of this writing. It has gained 15.39% in the last 24 hours and is 54% above the 7-day low of $0.083 set on February 23.
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