Posted 12/6/2023, 10:44:00 AM
Dogecoin Price Soars to 10-Month High as Speculation Returns to Crypto Market
- DOGE price hits 10-month high above $0.10, gains 10% in 24 hours and 27% in a week
- Over $600M locked in open DOGE futures contracts, up 58% in a week to highest since November
- DOGE tends to move more dramatically than BTC, so acts as leveraged bet on price of leading cryptocurrency
- Rise shows renewed risk appetite but not necessarily excess greed as DOGE/BTC ratio remains depressed
- Joke cryptocurrencies like DOGE typically rally at end of bull runs, sign of broader market speculation