Dogecoin (DOGE) has caught the attention of crypto projects in the market currently as it has risen by a hefty 3.6% in the past 24 hours and its weekly progress indicates a 15.2% incline. It has even managed to overtake Cardano (ADA) to attain the 8th spot in the list of the biggest leading crypto by market capitalization. According to research from the involved sources, 57% of the holders of Dogecoin are are currently in profit, forcing the figure of the profiting holders to surge by 17.99%. On the other hand the data from CoinGlass informs us that DOGE Future’s open interests have crossed the $500 million mark for the first time since 2021 in April, as the current such interest stands at $512.7 Million.
It is being not-so-coincidentally speculated based on some recent Twitter threads of the billionaire entrepreneur and Dogecoin (DOGE) proponent Elon Musk that this bull rally for DOGE immediately before the summers could be a consequence of the recently observed transition of Musk to X with the representation of a “D” (which could could as a subliminal representation of Dogecoin) smeared somewhere in Musk’s bio. His admiration of Dogecoin in a hypothetical future wherein if his plans pan out, Dogecoin could possibly be incorporated a payment method on X. Consequently, the million dollar $ question hovers around the premises basking up the expectancy; will Dogecoin (DOGE) continue its bold run through the coming hotter days?
Although these exhilarating news that Dogecoin (DOGE) holders have sunk into profitable margins ignite, the grim shadows looming over this venture have their roots racked up from the IntoTheBlock documents that suggest the number of big transactions have stead downwards by 10. 92%. Coupled that is the observaion that weighted open interests associated with DOGE has got submerged inside the blag negativity which could eventually halt with the bull run. Besides, the revival of the US Fed by offering and determining interest rate scatters the shortsighted hopes of individuals doubling just smashing the bullish prospects.
