Dogecoin’s open interest (OI) is again on the rise, signaling an increase in traders’ interest in the leading meme coin. At the same time, Shiba Inu’s exchange inflows have dropped, indicating that crypto investors are positioning for a rally for the meme coin.
Dogecoin OI And Shiba Inu Exchange Inflows In Focus
Coinglass data shows that Dogecoin’s open interest has surged over 6%, reaching $1.5 billion as DOGE’s derivatives activity explodes. This signals an increased interest in the leading meme coin among crypto traders, who may be positioning for a price surge. Notably, this surge in open interest comes amid the meme coin’s reclaiming of the psychological $0.10 level, even as Bitcoin trades flat.
Further data from Coinglass shows that the Dogecoin long/short ratio is above 1, indicating that most traders are long on the meme coin. The long/short ratio on Binance is at 1.9, signaling that most traders on the largest crypto exchange are bullish on the meme coin. Meanwhile, the long/short ratio for DOGE among the top traders on Binance by account size is 2.3.
In addition to the surge in Dogecoin’s open interest, the meme coin’s derivatives trading volume has climbed by over 16%, reaching $2.18 billion. Options open interest has also surged 38%, reaching $1.2 million. Fellow meme coin Shiba Inu is also seeing a renewed interest among crypto investors.
CryptoQuant data shows that Shiba Inu’s exchange inflows have dropped from a recent high of around 1.5 trillion SHIB recorded on April 10. Additionally, the exchange netflow has turned negative as of April 29, indicating that more traders are moving their coins off exchanges than to them. This is typically bullish, as it highlights an accumulation trend and suggests crypto investors are positioning for a potential rally.
Time To Buy DOGE?
Crypto analyst Ali Martinez has indicated that now may be a good time to buy Dogecoin. In an X post, he stated that the level he was watching closely was $0.1018, with a sustained four-hour close above this resistance, backed by rising volume likely to confirm the bullish breakout. With DOGE now above this level, the bullish breakout has been confirmed based on Martinez’s analysis, signaling that a new high may be on the cards.
Martinez had stated that if DOGE reclaims that level, then his technical target for the move is $0.1172, which aligns with the channel top. Meanwhile, crypto analyst Celal predicted that a 10x rally may be on the horizon for Shiba Inu, with the meme coin reaching $0.00007. The analyst stated that the meme coin could reach this level based on the technicals and with the power of the SHIB community.
Featured image from Getty Images, chart from Tradingview.com
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