New data shows that futures on meme asset Dogecoin (DOGE) have hit a record $1 billion in open interest.
According to market intelligence platform Coinglass, the dog-themed memecoin has reached an all-time high of $1 billion. open interestor the total number of outstanding derivative contracts for a particular asset.
The data shows that the vast majority of options contracts were concluded through four major centralized crypto exchange platforms: Binance, ByBit, OKX and BingX.
Together, these four saw a whopping $960 million worth of Dogecoin futures closed, with Binance and Bybit contributing more than $300 million each.
Other crypto exchanges that saw significant activity in DOGE derivatives include Huobi, BitMEX, dYdX, Kraken, and Coinbase.
According to data from Coinalyze, which compiles crypto futures statistics: Over the past day, most of the futures closed on the popular meme asset have been long positions. Coinalyze finds that 69.88% of DOGE options are long, while 30.13% are short, for a ratio of 2.32.
Additionally, Coinalyze notes that Dogecoin open interest has increased by a whopping 27% in just one day.
Dogecoin is trading at $0.128 at the time of writing, a gain of 15.39% over the past 24 hours and a 54% increase from the seven-day low of $0.083 on February 23.
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Generated image: Midjourney