Dogecoin experienced a 10% increase on Tuesday, which was its biggest single-day gain since April 3, according to Binance data recorded by the graphing tool TradingView. The value of the cryptocurrency has increased by 25% over the last two weeks, with speculation centering on its likely application as a pricing mechanism on the redesigned Twitter site.
Some analysts believe that DOGE might emerge as the standout performer throughout this age, while other crypto themes take a backseat, as the whole crypto market enters the predicted summer slowdown. Elon Musk’s role in reinventing Twitter was mentioned by Markus Thielen, the head of analysis and technique at Matrixport, as a potential factor contributing to DOGE’s present momentum.
This sentiment is further reflected in the perpetual futures market for DOGE, where, according to data from Coinglass, the notional open interest, which represents the dollar value locked in active perpetual futures contracts, has surpassed $500 million for the first time since April 19.
This figure has more than doubled in only the past two weeks, showing a significant influx of fresh money into the market and confirming the idea of an uptrend. The open interest in DOGE terms has risen to 6.2 billion, closing in on the peak of 6.43 billion seen on April 8.
Despite the positive trend, recent data shows that open interest weighted-funding charges have fallen to zero, suggesting that at the time of reporting, bullish long and bearish short positions were evenly balanced.
Given DOGE’s recent stellar performance on exchanges, several analysts believe the cryptocurrency may see a period of correction before resuming its positive development. Funding charges, which show the costs associated with keeping long or short positions, currently show a mix of long and short holdings.