The Doge futures market is gaining momentum again. With Coinbase, one of the largest cryptocurrency exchanges in the United States, recording unprecedented trading volume in the Doge futures market, it has been interpreted as a signal reigniting the meme coin bullish trend.
As market-wide optimism in the cryptocurrency sector revives, investors are once again focusing on meme coins. Particularly on Coinbase, where Doge derivatives trading is concentrated, the Doge futures Open Interest has surged by 24% in the last 24 hours. This is the highest level recorded in the past two months, reflecting both investor sentiment recovery and expanded market participation.
According to market data platform CoinGlass, as of August 4th, Coinbase's Doge Open Interest was tallied at a total of 70.41 million Doge. This represents approximately $14.58 million (about 20.2 billion won), which is the highest daily record since June 10th. Considering it had dropped to around $7 million (about 9.7 billion won) in recent days, this is an explosive recovery.
As the Doge price rebounds recently, the proportion of long positions has also increased. This indicates that some investors are seeking to recover losses or have newly entered the market aiming to maximize future profits. Experts interpret this movement as a signal that Doge is exploring a new upward target of $0.25, beyond just a short-term rebound.
Especially considering Coinbase's high market share, such active movement in Doge derivatives could be evidence that institutional investor interest in the United States is growing again. The market is positively evaluating the increasing domestic demand and credibility of Doge trading.
Amid a somewhat reversed market atmosphere compared to last week when meme coins were declining, Doge is emerging again as the central axis stimulating investor sentiment. The surge in futures trading on Coinbase is interpreted as an example showing the potential recovery of overall cryptocurrency market direction, beyond just technical indicators.
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