Dogecoin Bullish Bets Reach Record

29 Feb 2024
  • Traders are using prominent meme tokens, such as Dogecoin (DOGE) and bonk (BONK), as ecosystem bets for their respective blockchains, Ethereum and Solana.
  • DOGE futures set a record open interest at $1 billion - indicative of the strong interest in the tokens. Nearly 70% of these bets were on the long side.

Traders are continuing to use prominent meme tokens as ecosystem bets on their respective blockchains, boosting dogecoin (DOGE) futures to set a record level.
DOGE tokens were up as much as 40% before giving back some gains in the past 24 hours as bitcoin (BTC) rallied to over $63,000 from $59,000. DOGE led gains among major tokens and significantly beat the broader CoinDesk 20 (CD20) index, which is up nearly 7.8% in the same period.
Open interest, or the amount of unsettled bets on DOGE futures, increased over 54% since Wednesday, Coinglass data shows, setting a lifetime record of $1 billion in bets involving the tokens.

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