Will DOGE Hit $1? Rising OI and Liquidations Point to Growth

Dogecoin, the leading memecoin, has had a slower start in this bull run, prompting some analysts to question its investment potential. In response to the comments floating around social media platforms like Twitter, a crypto analyst and investor, Ali, said that the interest in DOGE has yet to reach peak popularity. 

According to the chart, the interest in DOGE over time is around 30. Compared to the previous bull runs, where interest peaked at 50, 70, and 100, the current value indicates the interest is low but rising steadily. As the bull run is just starting, DOGE has enough time and room for growth and could possibly break its ATH, similar to BTC.

DOGE’s Futures Open Interest stands at 8.14B DOGE, valued at $3.04B, with a rise in 24-hour OI change of 2.11% and a 24-hour OI volume of 0.3204. Binance takes the lead with a 3.06B DOGE worth of 1.14 B, followed by an increase of 3.83% in OI Change. Bybit takes the second spot with 2.55B DOGE, valued at $950.56M, and an increase in OI Change of 5.42%. OKX follows in the third spot, holding 1.02B DOGE worth $378.82M and a 24-hour OI change of 0.36%.   

The increase in OI change indicates that more positions are being opened than closed in the last 24 hours. This represents an increase in investor interest in DOGE and suggests growing market confidence about the future of Dogecoin. 

As per the DOGE Exchange Liquidation Map, at $0.3329, there is a long liquidation leverage of 201.06M, and at a price of $0.4179, there is a short liquidation leverage of 128.22M. According to CoinMarketCap, DOGE is trading at $0.373 at press time, and if the price rises to $0.41, the shorts will be liquidated. This could further boost the price action, potentially surpassing the ATH of $0.7376 and the $1 milestone. 

The performance of Dogecoin in the current bull run has been underwhelming when compared to its historic peaks and coins like PNUT. However, the rising OI and steady increase in market interest suggest that DOGE has the potential for growth.