Rise in Dogecoin Attracts Investors’ Attention

According to Binance data tracked by TradingView, Memecoin Dogecoin saw its biggest single-day gain in four months, up 10% on Tuesday. This significant price increase was the highest percentage gain since April 3rd.

Over the past two weeks, DOGE has made a notable 25% gain, driven by speculation surrounding its potential to be adopted as a payment mechanism on the rebranded Twitter platform. The cryptocurrency’s recent rally has caught the attention of investors, who see it as a remarkable performance amid the relative recession in the crypto market.

Markus Thielen, head of research and strategy at Matrixport, highlighted the potential of Dogecoin to be the rising coin of the summer, given that other cryptocurrencies are currently in the background. He attributed the surge in interest to Elon Musk’s marketing tour aimed at reinventing Twitter.

The rise in DOGE’s popularity is also reflected in the perpetual futures market. Notably, the dollar value locked in active perpetual futures contracts, known as open interest, crossed the $500 million mark for the first time since April 19, doubling in just two weeks. Dogecoin open interest reached 6.2 billion DOGE, approaching the peak of 6.43 billion DOGE seen on April 8. On the other hand, an analyst believes that Musk will have a bullish wave on DOGE again, just like in the past.

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