Market updates

241115: Dogecoin Surges 48% as Traders Eye $1 Milestone

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2024-11-15 | 5m

241115: Dogecoin Surges 48% as Traders Eye $1 Milestone image 0

Dogecoin (DOGE) surged by 48% within 24 hours, continuing a strong, four-day rally that has stirred hopes of a $1 price target. The memecoin, which briefly exceeded 41 cents for the first time since May 2021, has gained over 150% in the last week and nearly tripled over 30 days. Speculation around Elon Musk’s possible “Department of Government Efficiency” (D.O.G.E) initiative, aimed at streamlining government spending, has fueled bullish sentiment among traders. Musk’s endorsement in the Trump administration has increased DOGE’s visibility and renewed retail interest, triggering extensive media attention. The rally has led to over $68 million in losses for DOGE-tracked futures, with open interest near its highest level since April. For many investors, $1 remains a key psychological target, inspired by memes and the token’s 2021 peak of just above 70 cents. This optimism continues to drive trading volumes and price targets.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, both BTC and ETH futures have seen a decline in trading volume, with BTC futures dropping by 30.27% and ETH futures slightly more at 31.86%. BTC futures maintained higher total open interest at $54.63B, compared to ETH’s $17.06B, though ETH’s open interest saw a larger decrease (-2.60%) than BTC’s (-0.32%). Liquidations were more significant on the BTC side, with $83.71M in long liquidations, whereas ETH long liquidations were lower at $41.63M. Both assets showed a bearish leaning in their long/short ratios, with slightly more shorts for ETH (51.77%) than BTC (51.29%). Funding rates were positive for both, though ETH’s rate was marginally higher at 0.0161% compared to BTC’s 0.0125%.