Stablecoin margined futures on DOGE have raised with DOGE denominated bets climbing 33% since Sunday.
Elon Musk conversation on creating a D.O.G. E for government efficiency combined with Trump promise to consist Musk in government efficiency commission if re elected have fueled emotions among traders.
Interest in Dogecoin future is all time highs from April with 33% increase in open interest since Sunday standing a 8 billion tokens.
Traders are this price movement to Trump famous and potential establishment of Department of Government Efficiency.
DOGE prices are over than 30% since CoinDesk first reported on D.O.G.E trade gaining interest among traders.
Musk has gotten closer to Trump in past few months with increased donations and endorsements.
He has talked about creating a Department of Government Efficiency named as D.O.G.E in quest to make government spending more efficient.
Future interest in dogecoin DOGE is rising and nearing record levels from April thanks to renewed trading interest in token on chance of becoming part of Republican Donald Trump administration.
DOGE denominated futures have risen 33% since Sunday to 8 billion token as of European morning hours Tuesday.
12% away from lifetime record of 9 billion DOGE in open interest.
Higher open interest in token can lead to volatility as contracts near expiration.
Traders rush to close roll over or adjust positions which can lead to price movements.
DOGE prices are up 15% in past 24 hours.
CoinGecko shows after Elon Musk at Trump rally and later X post of himself with DOGE avatar.
Traders are the price spike as play on Trump popularity as reported.
DOGE denominated futures have spike 33% since Sunday to 8 billion tokens as of European morning hours Tuesday.
12% away from lifetime record of 9 billion DOGE in open interest.
OI refers to number of outstanding derivative contracts such as futures or options have not been settled.
High open interest show there is interest in asset. When open interest increases along with spike prices it suggest new money is coming into market indicating trend such as Tuesday.
In stablecoin shows the DOGE bets have raised from $850 million to $1.3 billion CoinGlass data shows.
