Open interest on Dogecoin options topped $4 billion over the weekend—the highest mark ever for the top meme coin. 

On Saturday, crypto futures traders had $4.06 billion worth of bets on the meme coin, CoinGlass data shows. That’s a new high for the asset. The figure has since dipped to $3.6 billion, as of Monday.

Of that number, the majority of the traders are betting on the price of the asset to drop in the future, CoinGlass shows, with $1.9 billion in “shorts” contracts waiting to expire. 

Open interest refers to the amount of contracts that have not yet been settled by traders. In the derivatives markets, traders bet money on the future price of cryptocurrencies like Dogecoin (DOGE). 

Earlier this month, following Donald Trump’s presidential election win, open interest on Dogecoin neared a record $2.75 billion.

But the money keeps flowing. The surge in bets Saturday came one day after speculators quickly snapped up the asset— Go to Source to See Full Article
Author: Mathew Di Salvo

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