Meme coin Dogecoin (DOGE) is surging during the day

Dogecoin (DOGE) is surging during the day. As of 7:18 AM KST, DOGE is trading at $0.1736, up 5.39% from the previous day.

Dogecoin price rose sharply on the 2nd as demand for bottom fishing increased.

According to CoinMarketCap, Dogecoin is currently trading at $0.1736, up 5.39% in the past 24 hours.

At the same time, Dogecoin derivatives trading volume also surged 84.21% from the previous day. The current open interest is up 8.09% from the previous day, recording $804,220.

The background to Dogecoin's upward trend is interpreted as demand aiming for bottom fishing.

Notable indicators are the Relative Strength Index (RSI) and the long-short ratio in the futures market (the ratio of bullish bets to bearish bets).

First, looking at Dogecoin's RSI indicator, it shows that a crossover between buying and selling has recently occurred. Cryptocurrency specialist media AMBCrypto explained, "Currently, buying demand has surpassed selling demand."

In the Dogecoin futures market over the past 24 hours, long positions accounted for 71.47% and short positions accounted for 28.53%. The resulting long-short ratio was 2.50. This means that bullish bets in the futures market were about 2.50 times more than bearish bets.

The strong buying pressure is also evident in the options market. According to the crypto derivatives exchange Deribner, traders are placing large bets on a potential surge in Dogecoin prices by the March series expiry.

Specifically, put options volume at the $0.08 strike price is higher than any other put option in the March series, while call options volume at the $0.3 strike price is the highest among call options.

This indicates that some traders are anticipating a decline in Dogecoin to around $0.08, while others expect a rally to at least $0.3 by March.

In addition, the total volume of put options in the March series is about 1.5 times that of call options, suggesting a biased view among traders.

As of 7:18 AM on the 2nd (KST), Bitcoin is trading at $47,131, showing a slight decrease of 0.67%.