Dogecoin Price Surges on Strong Meme Coin Demand, Derivatives Activity Soars
Market sentiment surrounding Dogecoin (DOGE) appears to be improving, with recent price action and derivative market activity pointing towards potential future growth. Over the past 24 hours, DOGE rose by 0.81% to $0.0713 as meme coin demand strengthened its short-term outlook.
The token continued trading above $0.07, which remains a crucial support level. The weaker US inflation data also contributed to risk asset expectations, with July headline inflation increasing only 0.1% monthly and annual rates slowing from 3.5% to 3.4%. Core inflation rose 0.2% monthly and eased to 2.5%, its lowest annual reading since February.
Dogecoin Open Interest Rises 10% as Derivatives Activity Soars
The derivative trading of Dogecoin intensified with traders becoming more exposed to futures and options markets. The entire trading volume increased by 95.24% to $1.39 billion, while the open interest surged 10% to $1.27 billion.