Posted 2/29/2024, 5:00:00 PM
Dogecoin Surges 30% with Traders Betting on a Major Rally, But Is It Overbought?
- Dogecoin (DOGE) price has surged 30% recently, sparking discussions of a potential 300% bull run
- Open interests for DOGE futures spiked 51% to a record $1.09B, signaling fresh capital entering
- 68% of DOGE traders are betting long with expectations prices will climb higher
- Analysts like Kaleo and Rekt Capital are optimistic about DOGE, seeing a major rally ahead
- However, on-chain data suggests DOGE is currently "overbought" and due for a short-term reversal