Ramazan Eles 
Dogecoin (DOGE) surged over 40% in the past 24 hours, leading gains among major cryptocurrencies.
Dogecoin (DOGE) has witnessed a remarkable surge, climbing over 40% in the last 24 hours, reflecting a growing trend of investors placing bullish bets on the blockchains underlying these meme tokens.
Traders are increasingly leveraging meme tokens as a means to invest in their respective blockchain ecosystems, propelling DOGE futures to unprecedented levels.
DOGE tokens experienced a significant uptick, peaking at a 40% increase before moderating gains, coinciding with Bitcoin’s rally to over $63,000 from $59,000.
According to Coinglass data, the open interest in DOGE futures surged by over 54% since Wednesday, reaching a record high of $1 billion in total bets involving the tokens.
This surge in open interest signifies a influx of new capital into the market, with approximately 70% of traders holding long positions on DOGE, anticipating further upward movement.
However, data from CryptoQuant indicates that DOGE’s Relative Strength Index (RSI) has entered the “overbought” territory, signaling a potential trend reversal in the near future.
On the fundamental side, developers released Dogecoin’s core version 1.14.7 on Tuesday, featuring enhanced security measures and node operator upgrades. Additionally, recent technical advancements such as the introduction of Ordinals on the Dogecoin blockchain and the development of games powered by DOGE have bolstered its ecosystem.
In the midst of the ongoing bull market, some within the crypto community suggest that meme tokens like DOGE may hold particular appeal to retail investors due to their cultural relevance, low unit bias, and familiarity.
Meanwhile, data from Coinglass reveals that short positions on DOGE incurred losses exceeding $40 million in the past 24 hours, with liquidations occurring as exchanges closed leveraged positions to mitigate losses, primarily in futures trading.
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