Today (November 30), according to the latest data, the open interest of DOGE is $2.998 billion, attracting widespread attention in the market, indicating its high market activity. Additionally, an analyst tweeted that the MVRV indicator suggests that DOGE still has room for growth.
DOGE Open Interest Approaches $3 Billion, Market Active
Open interest is an important indicator of market activity, representing the total value of contracts in the futures market that have not yet been settled. According to the latest data, today (November 13), DOGE's open interest is close to $3 billion, reaching $2.998 billion, with a contract trading volume increase of 86.28%, which undoubtedly shows a significant increase in investor interest and participation in DOGE.
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On November 12 (Eastern Time) and November 13 (Singapore Time), U.S. President-elect Trump announced that Musk and American entrepreneur Vivek Ramaswamy would lead the proposed "Department of Government Efficiency" (D.O.G.E). Trump also stated that the "Department of Government Efficiency" would pave the way for dismantling government bureaucracy, reducing excessive regulation and wasteful spending, and restructuring federal agencies.
Musk also tweeted today that all actions of D.O.G.E will be published online to achieve maximum transparency. Musk's mention of D.O.G.E on social media has further sparked market interest in Dogecoin, even though this proposal is not directly related to Dogecoin.
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Musk's celebrity effect has once again energized the DOGE market, driving an increase in DOGE market activity. After Musk's tweet at 9 AM today, DOGE rose by 3.79% within ten minutes.
MVRV Index Indicates DOGE Has Room for Growth
Analyst Ali tweeted today that historically, when the MVRV exceeds 78%, it indicates that the DOGE market is about to peak. As of today (November 13), Dogecoin's MVRV has reset to 45.65%, indicating that DOGE still has significant room for growth.
The MVRV index (Market Value to Realized Value Ratio) is an important indicator used to assess the health of the cryptocurrency market and potential trends. It measures market conditions by comparing the ratio of an asset's current market value to its realized value.
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Trader and analyst Beiming even predicts that DOGE may surpass Ethereum (ETH) within six months, becoming the second-largest cryptocurrency after Bitcoin (BTC). A year ago, his prediction that BTC would complete its final step to become a "national reserve" has largely come true this year.
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Earlier, on November 8, it was reported that Spirit Blockchain Capital had completed the acquisition of Dogecoin Holdings. Ankr co-founder Chandler Song announced an investment in Dogecoin Holdings and will serve as a strategic advisor, stating that he will participate in building Dogecoin MicroStrategy.
Spirit Blockchain Capital plans to hold a large amount of Dogecoin and develop its ecosystem. With Spirit Blockchain Capital's acquisition and Chandler Song's involvement, the future development of Dogecoin is highly anticipated, and these initiatives will further significantly enhance Dogecoin's market acceptance and ecosystem development.
Conclusion
The current market dynamics of DOGE show strong growth potential. The increase in open interest and the positive signals from the MVRV indicator both indicate that DOGE still has significant room for growth in the future. As market attention towards cryptocurrencies continues to rise, DOGE is expected to continue attracting investor interest and achieve higher market value in the future. Investors should remain cautious when participating in the market, paying attention to market changes and potential risks.
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