Dogecoin (DOGE) has recorded a price pump of over +40% in the last seven days. The memecoin appears to be the top performer in the overall bull run of the crypto market.
Summary
Dogecoin (DOGE): the price performance of the memecoin in the crypto bull run
In the last seven days, there has been a general bull run in the crypto market, with Bitcoin (BTC) surpassing the $63,000 mark.
Generally, the green of the price increase is coloring the ranking of the main cryptocurrencies by market capitalization. Going more into detail, it is easy to notice that among the top ten cryptocurrencies, Dogecoin (DOGE) has recorded the highest price pump.
At the time of writing, DOGE is up +49% compared to a week ago, while BTC is up +20% and ETH is up +14%.
And indeed, DOGE has gone from a price of $0.0982 to the current $0.1268, even though a few hours ago it had reached $0.133. The trading volume of the memecoin in the last 24 hours also appears to be up by +222%.
The ninth crypto now has a total market capitalization of 18.24 billion dollars, still far from BTC’s market cap of 1.224 trillion dollars.
Not only that, the overall sentiment for Dogecoin has also risen. The Fear and Greed index is scoring 83, “extreme enthusiasm”.
Dogecoin (DOGE): the price and the record of $1 billion Futures Open Interest
Another interesting data reflecting the current price pump of Dogecoin is the new record of open interest in DOGE futures, which has reached $1 billion.
And in fact, according to Coinglass data, the open interest, that is the amount of unsettled bets on DOGE futures, has increased by over 54% since Wednesday. This has led to a new historical record for bets on the token of over 1 billion dollars.
Basically, the increase in Open Interest means the entry of new money or extra money into the market. The data show that 70% of traders are long on DOGE, predicting an increase.
Not only that, even the Relative Strength Index (RSI) of DOGE which, according to data from CryptoQuant, seems to have reached the “overbought” level.
The RSI is a measure of the rate of change in prices and when it is in “overbought”, typically, the indication is that a trend reversal could occur in the following days.
A payment method to buy the Ferrari
Just before the general bull run of the crypto market, driven by the rise of Bitcoin above $60,000 since February 26, Dogecoin had made headlines for something involving luxury.
And indeed, Ferrari has decided to accept DOGE as a payment method in the United States, redefining the standards of automotive luxury with a bold and innovative move.
This decision comes after Enrico Galliera, Chief Marketing and Commercial Officer of Ferrari, had emphasized the increase in demand from customers and dealers.
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