In the past 24-hours, Dogecoin has seen important gains and rise to the mid-range of the $.070 zone. At the time of writing, the cryptocurrency has been moving sideways into lower lows with a 6.2% profit in the daily chart.
Many Dogecoin holders are betting on two potential scenarios. The classic “buy the rumor, sell the news” play or further appreciation during Musk’s appearance. Data from CryptoMeter for FTX’s futures record around $112 million in short positions and $82.7 million in long positions, for the past 12 hours.
At its peak, when Dogecoin’s price reached a new all-time high, it had the most traded pair in terms of volume with stablecoin Tether (USDT) on Binance and Huobi. In total, the trading pairs on these exchanges reached a total trading volume of around $70 billion.
Founder and CEO of Digital Currency Group, Barry Silbert, threw fuel at Dogecoin’s trading activity. When the cryptocurrency was high in the $0.70 zone, Silbert revealed a short position with a 3x leverage. Taunting Dogecoin holders, the executive said:
Okay $DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC.