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Dogecoin price hits seven-month high

On Friday, November 17, the rate of the largest memcoin by capitalization, Dogecoin (DOGE), updated its maximum since April 2023; at the time of publication of the article, the coin was trading at $0.084. according to Coinmarketcap service, reports RBC Crypto.

Open interest in DOGE futures has increased by more than 20% over the past 24 hours and currently stands at $579 million, which is also the highest level since April of this year, according to data Coinglass. At the same time, there are 2.28 times more long positions on the Binance exchange than short ones, which indicates that most market participants expect further growth in the memcoin rate.

The increased open interest on DOGE, especially against the backdrop of a decline in this indicator for other major cryptocurrencies, indicates the increased risk that traders are taking on in anticipation of a strong movement in the coin.

Dogecoin rose in price by more than 5% in a day, this happened against the backdrop of news that a wallet with the DOGE cryptocurrency will be delivered to the moon. In addition to DOGE, one physical Bitcoin coin will also be sent to the Earth’s satellite, as well as a metal plate engraved with the contents of the first (Genesis) Bitcoin block.

Source: Cryptocurrency

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