Dogecoin derivatives volume surge 110%; Here's what it means for DOGE

Dogecoin (DOGE) registered a massive spike in its derivatives volume in a 24-hour time frame, with a relevant weight compared to its market capitalization. This surge means an increased interest by the cryptocurrency market in the leading memecoin.

Notably, Dogecoin derivatives volume more than doubled in a day, according to data from CoinGlass retrieved by Finbold on November 17. As of writing, speculators were trading $5.04 billion worth of DOGE using derivatives.

The spike followed a price increase for Dogecoin in the spot market, trading at $0.083 for approximately 4% daily gains. In the meantime, other cryptocurrencies were registering losses in price and derivatives volume.

Crypto derivatives trend. Source: CoinGlass

Derivatives stats for the top 5 cryptocurrencies

It is also possible to see other cryptocurrencies’ performances in the same “Crypto Derivatives Trend” dashboard used to retrieve Dogecoin’s data.

Bitcoin’s (BTC) derivatives volume was falling by 24.54% to $45.66 billion worth of contracts, for 6% of its $711 billion market capitalization. Meanwhile, Ethereum (ETH) lost 14.42% of daily volume to $23.62 billion, accruing more than 10% of its $233 billion market cap.

At the same time, Solana (SOL) lost 5.56% to $8.68 billion in derivatives volume. The XRP Ledger (XRP) had the smallest volume among the top 5, with $1.75 billion and a daily loss of 3.67%.

Essentially, XRP’s derivatives volume represents 5.3% of its $32.58 billion market capitalization, slightly weighting toward short positions with a 52.50% domination over longs. As for comparison, Dogecoin’s current volume represents 42% of its $11.83 billion market cap.