Traders rekindle bullish sentiment on DOGE, open interest nears all-time high

BlockBeats news, on October 29, according to CoinDesk, DOGE's U-based contract holdings have risen sharply, soaring from $850 million to $1.3 billion. As of Tuesday, the coin-based contract holdings have risen 33% since Sunday to 8 billion DOGE, just 12% away from the record high of 9 billion DOGE in open contracts.

Traders attributed this trend to Trump's rising approval rating and the possible establishment of the "Department of Government Efficiency" (abbreviated as "D.O.G.E."), after former US President and Republican presidential candidate Trump said he would establish a government efficiency department, and Elon Musk has agreed to lead the committee, all of which have intensified traders' bullish sentiment.

Since April, traders' interest in Dogecoin (DOGE) futures has risen rapidly. CoinGecko data shows that DOGE prices have risen 15% in the past 24 hours after Elon Musk appeared at the Trump rally and later posted an X post with the DOGE avatar.