Crypto News – One of the primary indicators of increasing risk-taking among traders, and one that has traditionally indicated local price tops in cryptocurrency markets, is the 40% increase in Dogecoin (DOGE) futures over the last 24 hours.
Trade Interest in DOGE Rises, Betting Gets Risky
More than 7 billion DOGE tokens were gambled on Friday, exceeding the amount of unsettled futures bets, which had not been seen since April. At the present price, these positions are valued at $600,000,000.
$275 million worth of futures holdings, or nearly half of the bets, are on Binance, with Bybit and OKX coming in second and third, respectively, at $134 and $85 million. Given that both sides of the long-to-short ratio are 50%, it is possible that traders have hedged every bet.
Dogecoin Will Literally Travel to the Moon
A deviation from the overall market is the rise in DOGE open interest. Futures that track popular tokens like Ether (ETH) and Bitcoin (BTC) dropped by 5%. Due to news that Pittsburgh-based company Astrobotic intends to launch a space payload mission in December that will carry a tangible dogecoin token to the moon, DOGE values surged by more than 12% on Thursday.