DOGE Price Hesitates at $0.1 Threshold Amid Derivatives Market Frenzy

Dogecoin's price has surged by over 26% in the past week, reaching a market capitalization of $15.27 billion on Tuesday.

The token retested a major resistance level after its impressive rally last week and has since fallen 2.87% over the last 24 hours, trading at $0.0888 on August 25.

A large portion of Dogecoin's recent price movement can be attributed to the heating up of its derivatives market, with Open Interest (OI) surging to its highest level since May 16.

Dogecoin's recent price action has pushed it to a major year-to-date resistance logarithmic trend line, which has previously led to significant selloffs in the past.