00:00 Benzinga and here's what's on the block.
00:02 Over $600 million worth of Dogecoin is currently locked in open futures contracts,
00:07 which is the highest amount since early November 2022. The price of Doge gained over 10% in the
00:13 past 24 hours and over 27% in the last week, which is hitting its highest price point since April
00:18 2022 of over 10 cents. The price rise and increase in open interest in Doge futures indicates an
00:24 uptrend for Dogecoin as rising prices combined with growing open interest is a bullish signal.
00:30 Speculators seem to be taking on more risk by investing in the meme and joke cryptocurrencies
00:34 like Doge as Bitcoin's price rallies, using them as leverage bets on Bitcoin's price movements.
00:40 Doge and other meme coins tend to experience more extreme price swings than Bitcoin,
00:44 so their prices rising sharply could be an early warning sign of speculative access
00:49 if their gains continue to outpace Bitcoin. For all things money visit Benzinga.com
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