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DOGE contract open interest hits a new high with strong demand for long positions.
On July 18, according to data from the data platform, the total open interest of standard contracts and Perpetual Futures worldwide has surged to a record level of 16.24 billion DOGE (approximately 4 billion USD at current prices), with a monthly increase of 48%, surpassing this year's historical peak of 14.31 billion in January.
Analyst Omkar Godbole stated that the open interest reflects the scale of active contracts at a specific time, and its rise in sync with prices is usually seen as a trend confirmation signal. Currently, the funding rate for DOGE Perptual Futures remains positive, indicating strong demand for leveraged long positions – this type of demand often exacerbates price volatility.