Dogecoin (DOGE) futures open interest has surged to $2.83 billion amid a significant price breakout, signaling robust market confidence in the meme cryptocurrency.
Currently tracking over 13.5 billion DOGE in active contracts, this derivatives milestone reflects heightened trader participation as DOGE breached the crucial $0.20 resistance level. Following a peak at $0.2104, the asset underwent a minor correction, trading near $0.2030 with daily spot volume skyrocketing 90% to $2.49 billion.
Technical analysts suggest bullish momentum could propel DOGE toward $0.30, while on-chain expert Ali MartÃnez forecasts a more conservative near-term target of $0.24. The price movement aligns with broader crypto market strength, particularly Bitcoin’s record high of $123,091, which continues to lift altcoin sentiment.
Dogecoin creator Billy Markus maintains cautious skepticism regarding DOGE reaching $1, emphasizing the cryptocurrency market’s inherent volatility and speculative risks even amidst current optimism.