Dogecoin (DOGE) registered a massive spike in its derivatives volume in a 24-hour time frame, with a relevant weight compared to its market capitalization. This surge means an increased interest by the cryptocurrency market in the leading memecoin.
Notably, Dogecoin derivatives volume more than doubled in a day, according to data from CoinGlass retrieved by Finbold on November 17. As of writing, speculators were trading $5.04 billion worth of DOGE using derivatives.
The spike followed a price increase for Dogecoin in the spot market, trading at $0.083 for approximately 4% daily gains. In the meantime, other cryptocurrencies were registering losses in price and derivatives volume.
Interestingly, the volume surge happened while keeping the balance between long and short positions. Traders opened a total of $2.33 billion (49.48%) and $2.38 billion (50.52%) in each position, respectively.
Derivatives stats for the top 5 cryptocurrencies
It is also possible to see other cryptocurrencies’ performances in the same “Crypto Derivatives Trend” dashboard used to retrieve Dogecoin’s data.
Bitcoin’s (BTC) derivatives volume was falling by 24.54% to $45.66 billion worth of contracts, for 6% of its $711 billion market capitalization. Meanwhile, Ethereum (ETH) lost 14.42% of daily volume to $23.62 billion, accruing more than 10% of its $233 billion market cap.
Essentially, XRP’s derivatives volume represents 5.3% of its $32.58 billion market capitalization, slightly weighting toward short positions with a 52.50% domination over longs. As for comparison, Dogecoin’s current volume represents 42% of its $11.83 billion market cap.