Dogecoin's open interest (OI) has surged over 6% to $1.5 billion, indicating a significant increase in traders' interest in the leading meme coin. This rise in derivatives activity comes as DOGE reclaims the psychological $0.10 price level, even as Bitcoin trades flat.
Coinglass data reveals the Dogecoin long/short ratio is above 1, suggesting most traders are bullish. On Binance, the long/short ratio stands at 1.9, and among the top traders by account size, it reaches 2.3. Additionally, Dogecoin's derivatives trading volume has climbed by over 16% to $2.18 billion, while options open interest surged 38% to $1.2 million.
Shiba Inu is also witnessing renewed bullish sentiment. CryptoQuant data shows exchange inflows dropped from a recent high of 1.5 trillion SHIB on April 10, and exchange netflow turned negative as of April 29, indicating accumulation as more traders move coins off exchanges.
Analyst Ali Martinez highlighted that a sustained four-hour close above $0.1018 for Dogecoin, backed by rising volume, would confirm a bullish breakout. With DOGE now above this level, Martinez targets $0.1172, aligning with the channel top. Meanwhile, analyst Celal predicts a potential 10x rally for Shiba Inu to $0.00007, citing technicals and the SHIB community's strength.
