Dogecoin and Floki Inu have emerged as two of the top five daily gainers in the major crypto market. Increased open interest signals growing optimism among traders for Dogecoin and Floki Inu’s upcoming rally.
As the third week of October draws to a close, the altcoin market appears to be showing signs of recovery in several sectors, particularly in the meme coin sector.
Investors are starting to take interest in this comeback, with two significant gainers in the daily top five list: Dogecoin (DOGE) and Floki Inu (FLOKI). Reflecting their large presence in the crypto market, both dog-themed tokens have attracted the interest of investors.
Dogecoin and Floki Inu have seen notable increases at the time of writing; they rank among the top performers in the daily acquisitions list. This growth follows a more general positive sentiment about DOGE, which recent on-chain data has helped to justify.
As we previously reported CNFWith the open interest (OI) for DOGE futures exceeding $800 million, these measures exposed a clear trend towards Dogecoin.
DOGE: Open interest rises as traders show bullish sentiment
New data from CoinGlass today shows yet another increase in DOGE’s OI, which recently soared to $1.07 billion. This significant increase in open interest reflects traders’ hopes and indicates more activity around the token.
With DOGE’s current Long/Short ratio of 1.0408, the market is showing somewhat more long ownership than shorts over the past 24 hours. With more market players forecast the DOGE price to climb rather than fall, this ratio suggests that traders are optimistic about the sign in the near term.
Price-wise, DOGE has an incredible 8.84% rise over the past 24 hours, rising to around $0.1454. Popular crypto analyst Mags highlighted historical patterns and an optimistic sentiment encouraging this outlook.
In a recent tweet, Mags hinted at the possibility that DOGE could undergo a significant rally based on past performance. DOGE had its first pump pattern in 2021 before starting a parabolic rise, increasing more than 13,000%.
With a first rally target of $1.17 for DOGE, Mags says this historical trend could hint at the upcoming bull run. Although these estimates are hypothetical, the continued growth and higher open interest indicate a positive sentiment.
Floki Inu Shows Bullish Momentum with Interesting On-chain Data
Another meme coin in focus, Floki Inu (FLOKI), is also showing strength. CoinGlass data shows a 17.15% increase in FLOKI’s open stake, bringing the overall figure to $24.62 million. Rising OI among traders suggests that FLOKI may be preparing for a major change.
With more traders placing long positions in anticipation of a price rise, the Long/Short ratio for FLOKI for the previous 24 hours sits at 1.0227, which, comparable to DOGE, shows a modest bullish bias.
Meanwhile, the FLOKI price increased by 8.13% over the last 24 hours at the time of writing, over $0.0001617 exchanged hands.
In addition, technical analysis from well-known analyst ZAYK Charts, who recently tweeted about FLOKI’s chance of a significant comeback, supports this price movement.
Based on ZAYK’s chart analysis, FLOKI has broken out of a descending wedge pattern – a positive indicator that usually precedes a major rally. Thanks to this breakthrough, ZAYK projects FLOKI could see gains of 100% to 150% in the next few days or weeks.
Furthermore, as we before highlightedFloki Inu’s performance throughout this season has historical relevance. Previous data suggests that October 22 was a significant date for FLOKI, as the sign regularly breaks out of consolidation trends at this time.
Based on past market trends, there is a constant indication that FLOKI may have significant upside. Looks like October 22nd is here.
New competitors like WIF, POPCAT, MRSand PEPE has sparked huge interest from investors as the meme coin market evolves. Still, popular and old meme coins like Dogecoin and Floki Inu appeal to investors, even as new tokens start to take the lead.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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