Analyzing the 19% Increase in DOGE Open Interest

Why is DOGE Open Interest on the Rise?

Trading activity is becoming more aggressive as Dogecoin‘s price breaks out, reaching its highest monthly level on July 20. The bullish pattern hasn’t been proven correct, though, according to everyone.

DOGE is breaking out and looks primed for an aggressive up move,

pseudonymous crypto trader Shelby

According to CoinMarketCap statistics, Shelby reaffirmed that Doge’s price breakout has historically served as “a catalyst” for the rise of other altcoins, such as Floki and Shiba Inu, which have climbed by 37% and 3.89%, respectively. With a 17.31% gain over the previous seven days, DOGE currently trades at $0.1775.

Dogecoin Hits Highest Open Interest Level in July, Market Sentiment Increases

According to CoinGlass data, Dogecoin recently hit its highest Open Interest (OI) level for the month of July, rising 19% to $647.19 million in just four days.

• Meanwhile, the Crypto Fear & Greed Index indicates that overall market sentiment is rising.
• The index, which measures the attitude of the market toward cryptocurrencies and Bitcoin, is currently at 64, up 31 points from 33, the previous week’s “extreme fear” level.

The price increase is in response to recent conjecture on Dogecoin’s potential to repeat its prior performance, which saw it hit an all-time high of $0.73 in May 2021, one year after the previous Bitcoin halving.

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