Data: The number of DOGE open contracts has reached a new high, totaling 10.35 billion DOGE

2025-01-07 17:30:59

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ChainCatcher news, according to CoinDesk, the number of open contracts in the Dogecoin (DOGE) futures market has reached a new high of 10.35 billion DOGE, surpassing the peak of 10 billion DOGE in March 2024. This indicates that new funds are flowing into the market, which may drive price volatility.

Historical data shows that January is the best-performing month for DOGE, with an average return of 85%. Technical indicators reveal that DOGE's 50-day simple moving average (SMA) has broken through, indicating a bullish trend. Analysts predict a short-term target price of 50 cents, with some major players optimistic about reaching a target of 1 dollar by 2025.

Additionally, the volume of whale transactions exceeding 100,000 dollars has surged, further indicating rising demand. Analysis also points out that trading volume is below the peak levels of 2021, and investors should cautiously respond to the current resistance level of 40 cents.

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