Dogecoin Price Prediction as DOGE Becomes Best Performing Coin in the Market – Time to Buy?
Whilst the broader crypto market consolidates, Dogecoin (DOGE) is heating up.
The crypto industry’s first and largest meme coin by market capitalization hit its highest level since April at $0.0877 on Friday, and despite pulling back to the $0.083s at the time of writing, is still up around 5% in the last 24 hours, as per CoinGecko.
That means that Dogecoin is the best-performing cryptocurrency in the top 20 by market capitalization on Friday, which shouldn’t be too surprising given the sudden surge in trading volumes seen on Friday.
According to Yahoo data, trading volumes have already exceeded $2.1 billion on Friday, the highest daily figure since April and up more than 10x versus late October’s lows, where daily trading volumes slumped as low as $200 million amid a lull in market activity at the time.
At current levels, DOGE is now up a stunning more than 40% from October’s lows in the $0.057 area, with other metrics besides the cryptocurrency’s price and trading volumes also showing a quickly heating up market.
As per crypto derivatives data analysis website Coinglass, the open-interest weighted funding rate of outstanding leveraged Dogecoin futures positions has been pushing steadily higher since mid-October, when the latest market recovery really got going.
This suggests stronger demand for long positions than short positions, as it shows that traders taking out leveraged long futures positions are paying an increasing funding premium to those taking out short positions.
Moreover, Coinglass data also shows that open interest of outstanding Dogecoin futures just hit its highest level since July at over $470 million, showing traders are placing bigger bets on the cryptocurrency.
While the Dogecoin market is certainly heating
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