"Whale Investors Flock to Dogecoin (DOGE), Open Interest Hits Record High... Will Seasonal Strength Continue?"

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Dogecoin (DOGE) is projected to see further upward momentum as interest from 'big hand' whale investors surges.

On the 7th, crypto-specialized media CoinDesk reported, "Interest in Dogecoin from whale investors has surged recently," adding, "Over the past weekend, transactions exceeding $100,000 have skyrocketed. Open interest (OI) in the futures market also increased to 10.35 billion DOGE, marking the highest level since March."

Omkar Godbole, a market analyst at CoinDesk, analyzed, "The surge in open interest suggests that a strong trend may continue," predicting, "Dogecoin is expected to reach $0.50 within the next few weeks."

The analyst further explained, "The discount (negative premium) of Dogecoin on Coinbase compared to Binance has disappeared," adding, "Dogecoin has the potential to break through the resistance line formed at $0.40." The influx of buying pressure from the U.S. is increasing the likelihood of Dogecoin's rise.

The media added, "January is a month with a high average return for Dogecoin, recording an average increase of 85%, according to data," and "Elon Musk, CEO of Tesla, starting the government efficiency department (DOGE) is also adding to the bullish sentiment."

Meanwhile, open interest refers to contracts in derivatives like futures and options that have not yet been settled. An increase in open interest indicates that funds are flowing into the market. Generally, as open interest increases, the volatility of the coin price is likely to increase.