The broad crypto market has seen a sudden shift in investors’ sentiments as the prices of major cryptocurrencies, including popular meme tokens like DOGE and SHIB, return to the green zone.
The reversing market condition has seen DOGE’s futures trend spike to notable highs, according to data provided by Coinglass.
Over the last 24 hours, Coinbase has seen a notable increase in the open interest of its DOGE futures product, signaling rising confidence among investors.
Coinbase registers $14.58 million in DOGE in one day
After several days of consistent downturns, the crypto market is gradually regaining momentum, and the leading meme asset, Dogecoin, has started recovering its position as the center of attention in the memecoin sector.
With the negative trend experienced in the past week extending to the DOGE futures market, DOGE’s open interest on Coinbase has fallen as low as $7 million in recent days. However, the broad market resurgence has seen Coinbase users increasingly willing to return to the betting scene for Dogecoin.
Notably, the amount of DOGE registered on the leading U.S.-based cryptocurrency exchange surged to 70,410,000 DOGE on August 4th. While this is worth over $14.58 million, it marks the highest DOGE daily OI recorded on Coinbase since June 10.
As such, the notable 24% surge in Coinbase’s DOGE futures product experienced over the last day has pushed the token to cross its two-month high in the crucial metric.
Nonetheless, the surge in DOGE’s open interest on Coinbase indicates that exchange-specific factors such as the demand and confidence for the token among U.S. residents have increased.
While recent liquidation events have suddenly flipped in favor of traders that are opening long positions on the leading memecoin after several days of recording losses, the upsurge in open interest implies that traders are increasingly opening new positions either following efforts to maximize gains or recover previous losses.
While this suggests that momentum is returning to the DOGE market, it flashes a bullish signal for the token’s future potential, raising optimism among enthusiasts as the asset appears to be forming a new target at $0.25.
With Coinbase’s prominence in the crypto ecosystem, a surge in its DOGE futures suggests that institutional investors’ interest is growing stronger in Dogecoin derivatives.