Dogecoin Open Interest Climbs To $4.27B Ahead of Donald Trump Inauguration Day

The Dogecoin open interest has seen a notable explosion over the last few days amid heightened excitement for the Donald Trump Inauguration Day on January 20.

The Dogecoin open interest has seen a massive surge in recent days, fueled by the anticipation of Donald Trump's Inauguration Day on January 20. This event has become a key talking point in the crypto community, with traders expecting it to be a positive development for the market.

As a result, traders are placing their bets on a rally in crypto prices, with Dogecoin being one of the top choices. This anticipation has led to a rapid increase in the open interest for the meme coin.

Dogecoin Open Interest Climbs To $4.27 Billion

The Dogecoin open interest began rising noticeably toward the end of 2024, with the last days of the year seeing an increase of over $2.7 billion.

Since then, the Dogecoin open interest has nearly doubled, with significant daily surges occurring as crypto traders take their positions. This has resulted in a new one-month high for the open interest, indicating the increasing participation of crypto investors worldwide.

In the last 24 hours alone, the Dogecoin open interest has increased by 3.68%, bringing the total open interest to 12.01 billion DOGE. This translates to $4.27 billion, and the last time the open interest was this high was in December 2024, before the market crash caused the numbers to plummet.

Between January 14 and 15, the Dogecoin open interest surged by over $400 million.

Interestingly, Binance is no longer the leading exchange for Dogecoin open interest, with Gate taking over the top spot.

Out of the 12.01 billion DOGE figure, Gate holds 4.89 billion DOGE, while Binance ranks second with 2.15 billion DOGE. Following on the list is Bybit with 1.96 billion DOGE, and then Bitget with 1.01 billion DOGE. The remaining exchanges all fall below the one billion mark, indicating that the top four exchanges account for around 80% of the Dogecoin open interest.

In terms of growth over the last 24 hours, Hyperliquid is quickly becoming a trader favorite, with its Dogecoin open interest surging by 20.56%, according to data from Coinglass.

This puts it ahead of Kraken, which saw a 19.02% increase, and OKX, with an 8.08% surge.

DOGE Headed For $1?

With the excitement surrounding the inauguration and the establishment of Elon Musk’s Department of Government Efficiency (D.O.G.E), expectations for the DOGE price are on the high side. However, selling pressure continues to bog down the meme coin, suggesting that there is still skepticism about whether a rally is possible from here.

According to data from CoinMarketCap, the Dogecoin daily trading volume is down by over 21%. At the time of writing, the Dogecoin price was trending at $0.35, down 12% from its monthly highs.