DOGE climbs to $0.28 with strong derivatives activity | Credit: Hameem Sarwar
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Key Takeaways
Dogecoin’s price OI hit $2.28B, its highest since Dec. 2024, confirming bullish momentum.
The MVRV ratio is 1.35, well below overheated zones, suggesting DOGE can trade higher.
The daily chart shows higher lows and a strong +DMI reading, reinforcing the bullish trend.
After months of muted price action, Dogecoin (DOGE) is back in the spotlight. Its price has jumped 25% in the past seven days, outpacing many other cryptos in the top 10.
Initially, the token’s value tapped $0.30 before it pulled back to $0.28. But the price surge was not the only event — other key metrics rose, too.
Here is what else has spiked, and what else lies ahead for the cryptocurrency’s value
Dogecoin Derivatives Demand Surges
At press time, Dogecoin’s Open Interest (OI) has climbed to $2.28 billion—its highest level since Dec. 17, 2024.
Rising OI means more capital flows into DOGE’s derivatives market, with traders opening new contracts rather than closing old ones.
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When OI rises alongside price, as it does now, it typically confirms bullish momentum, since more traders are backing the uptrend.
However, it also signals higher leverage in the system, which can amplify volatility.
If sentiment shifts suddenly, a wave of liquidations could accelerate price swings in either direction.
However, despite the recent slight retracement, DOGE might not experience a significant downward swing. Instead, the OI appears ready to hold above $2 billion.
If that happens, Dogecoin’s price might retest $0.30, possibly trading higher in the coming weeks.
Apart from the OI, the Market Value to Realized Value (MVRV) ratio also seems to support this. At press time, the ratio stands at 1.35.
This metric compares DOGE’s market value to the average price at which investors last acquired their coins. A reading above 1 means holders are, on average, in profit.
Historically, market tops occur when MVRV stretches into the 3.11 to 4.53 range, as excessive profits tend to trigger heavy profit-taking.
Recently, however, the chart flashed two consecutive red histogram bars, hinting at a brief pause in momentum.
Even so, the Directional Movement Index (DMI) remains firmly bullish. At press time, the +DMI (green) sits at 36.24, well above the –DMI (red) at 10.24, confirming buyers still dominate the market.
Meanwhile, the Average Directional Index (ADX) is at 26.67, signaling a bullish and strengthening current trend.
Should this trend remain the same, Dogecoin’s price might retest $0.30. In a highly bullish scenario, memecoin’s market value might rise to $0.42.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
