Dogecoin experienced a 10% surge on Tuesday, marking its most significant single-day gain since April 3, as reported by Binance data tracked through the charting platform TradingView. Over the past two weeks, the cryptocurrency has seen a 25% increase, with speculation revolving around its potential use as a payment mechanism on the rebranded Twitter platform.
As the overall crypto market enters the expected summer lull, some experts believe that DOGE could emerge as the standout performer during this period, while other crypto themes take a backseat. Markus Thielen, the head of research and strategy at Matrixport, mentioned Elon Musk’s involvement in reimagining Twitter as a potential driving force behind DOGE’s recent momentum.
DOGE Futures Open Interest tops $500 Million
This sentiment is further reflected in the perpetual futures market linked to DOGE, where the notional open interest, representing the dollar value locked in active perpetual futures contracts, has surpassed $500 million for the first time since April 19, according to data from Coinglass.
This figure has more than doubled in just two weeks, indicating a notable influx of new capital into the market and supporting the perception of an uptrend. The open interest in DOGE terms has reached 6.2 billion, nearing the peak of 6.43 billion observed on April 8.
Despite the positive momentum, recent data shows that open interest weighted-funding rates have declined to zero, suggesting a balance between bullish long and bearish short positions at the time of reporting.
Considering DOGE’s impressive performance in the market recently, some experts speculate that the cryptocurrency may experience a period of consolidation before resuming its bullish trend. Funding rates, which indicate the costs associated with holding long or short positions, currently indicate a mix of long and short positions.
