Key Metric of Dogecoin Futures Jumps in Past 24 Hours

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. All right, let's take a look at the chart of the day, Dogecoin futures, open interest jumps to 7 billion Doge indicating risky bets, trading interest in Doge bets rose more than 40% in 24 hours to reach the highest level. Since April an increase in leveraged bets came after a 12% surge on Thursday. As one company said it planned to send a physical Doge coin to the moon. Nearly half of the bets are placed on Binance followed by buy bit and ox rising. Open interest usually signals a bullish bias amongst futures traders. However, if it grows too high or spikes suddenly, it can be a bearish signal that indicates upcoming changes in market trends. Some traders say sudden jumps and meme coins like Doge are generally bearish events that indicate heightened risk taking behavior synonymous with the end of a broader crypto rally. The price of Doge is currently at around eight cents up around 5% on the day. That's it for today's chart of the day. I'm Jen Sani. We will see you next time to unpack more of the data behind top news stories.