Dogecoin ($DOGE) Surges 1.21% on Musk Influence and Bitcoin Derivatives Exposure
Dogecoin ($DOGE) has seen a 1.21% increase in the past 24 hours, trading at $0.2316. This rise comes amidst renewed interest sparked by Elon Musk's influence and significant bullish exposure in Bitcoin derivatives.
On September 28, over $110M in new bullish Bitcoin derivatives' exposure was deployed, historically amplifying price moves in low-liquidity meme coin markets like $DOGE. This increased exposure has led to a rise in open interest in $DOGE futures, reaching approximately $3.9B, despite low trading volume, indicating new risky bets.
The recent price surge in $DOGE can be attributed to various factors. Elon Musk's influence on the cryptocurrency has sparked renewed interest and speculation. Any news related to Musk often drives the price of $DOGE. Additionally, the cryptocurrency bounced from a weekly low near $0.22 to about $0.23 after positive news from Grok AI. The lower Bollinger band for $DOGE is currently at $0.222, historically causing prices to bounce back up when it drops to this level.
Meanwhile, a new contender in the Dogecoin family, Maxi Doge ($MAXI), has raised $2.59M in presale, with notable whale buys of $37.3K and $12.9K. Investors can lock in dynamic staking rewards at a 130% APY by staking $MAXI. Staking $500 in $MAXI at today's APY could yield $650 in staking rewards over the next year, effectively doubling the initial investment.
The $DOGE price has shown resilience, bouncing back from weekly lows and gaining traction due to increased exposure and Elon Musk's influence. Meanwhile, new projects like Maxi Doge are presenting attractive staking opportunities. As the cryptocurrency market continues to evolve, investors remain vigilant for new opportunities and price movements driven by influential figures and market dynamics.
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