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# 90.5 Billion Dogecoin (DOGE) Changed Hands in 24 Hours: What’s Causing the Craze?
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Dogecoin has experienced a rise in market activity over the past 24 hours, with traders accumulating open interest positions totaling a significant 90.5 billion DOGE. This occurs as investors, amid wider market anxieties, seem to be increasingly gambling on a short-term price increase for the meme coin.
## Rising Open Interest Indicates Optimistic Drive
Information from CoinGlass exposes a notable 4.81% increase in open interest over the recent day. This increase builds on prior gains in investor positions on the meme-inspired digital currency. This substantial 90.5 billion DOGE signifies an incredible $18.8 billion invested into the market by participants.
This surge in open interest is a definite sign of growing optimistic drive and investor belief in DOGE. Even with approaching worries about a possible “death cross” technical pattern – often regarded as a pessimistic signal – this increase in open interest implies investors are firmly betting on Dogecoin’s upward ascent.
Experts assume that the recent revision to NYSE Arca’s submission for the Bitwise Dogecoin Exchange Traded Fund (ETF) might be powering this optimistic feeling. Significantly, the submission with the U.S. Securities and Exchange Commission (SEC) identifies Coinbase as the custodian.
As of the latest update, Dogecoin is being traded at $0.2071, showing a 2.37% gain over the recent 24 hours. The meme coin had previously risen to $0.2192 but couldn’t preserve support above the $0.21 level.
Market observers warn that for this optimistic drive to be maintained, a rise in trading volume is vital. Currently, volume is down 16.83%, which could indicate a shortage of confidence behind the price move. Toncoin (TON) Value Forecast for March 26th
The quantity of Dogecoin in circulation hovers near 69 billion, a figure subject to growth, which could have ramifications for its valuation.
Although backers have pledged $1.88 billion, showcasing widespread curiosity in Dogecoin, the Gate.io exchange commands the foremost pledge with 31.48% of the outstanding stake, equaling 2.85 billion Dogecoins, assessed at $590.62 million. Binance comes next with 2.26 billion Dogecoins, making up 24.9% of the aggregate outstanding stake, estimated at $467.23 million. Bybit and Bitget documented 1.41 billion and 979.91 million Dogecoins, valued at $291.54 million and $202.89 million, in that order. In the near future, the marketplace might expose if this outstanding stake morphs into valuation reinforcement for Dogecoin.
