Dogecoin (DOGE) Price Surges 15% as DOGE/BTC Correlation Flips Bullish

Dogecoin (DOGE) has surged into a vertical rally over the past 48 hours, adding over $10 billion to its market capitalization in a sharp response to revived risk appetite.

Dogecoin (DOGE) price climbed by over 14% on Friday, reaching $0.24 at press time. As capital rotations accelerate in the memecoin sector, BTC/DOGE correlation trends and surging derivatives market activity suggest Dogecoin may be gearing up for another explosive move.

Dogecoin Price Gains Another 14% as DOGE/BTC Correlation Flips Bullish

Dogecoin (DOGE) has surged into a vertical rally over the past 48 hours, adding over $9 billion to its market capitalization in a sharp response to revived risk appetite.

While Bitcoin price remains capped below $105,000, DOGE has emerged a dominant short-term play for traders capitalizing on the market sentiment.

DOGE is currently trading at $0.234, up 14.45% on the day and gaining nearly 13.7% against Bitcoin, with the DOGE/BTC pair printing 0.05125 BTC.

This relative strength underscores a key inflection point in the DOGE/BTC correlation, which has now flipped decisively bullish for the first time since early 2024.

The implication is that traders are rotating capital away from BTC and into altcoins, preferring speculative setups in the presence of liquidity and volatility.

This current dynamic aligns with Dogecoin’s historical behavior, where the token often sees outsized gains during Bitcoin consolidation phases.

In the current case, Dogecoin’s breakout above the $0.20 resistance zone with increasing volume confirms growing conviction among short-term speculators, while price stability near daily highs indicates minimal profit-taking pressure so far.

$670 Million Surge in Dogecoin Open Interest Signals More Gains Ahead

The rapid increase in Dogecoin’s spot price is now being validated by an even sharper surge in derivatives market activity.

Open Interest in DOGE futures has surged 23.52%, adding $670 million in 24-hours, to $2.76 billion, outpacing the token’s 15% price gain over the same period.

This divergence highlights not just bullish price action but also a deepening commitment among traders anticipating further upside, as more capital is now actively engaged in DOGE positions across major exchanges.

Rising open interest paired with expanding volume, up 14.07% to $7.22 billion, suggests DOGE’s market depth is improving. This can help stabilize the asset during near-term pullbacks while offering a cushion against abrupt volatility spikes.

Notably, the options market is also showing strong directional bias. Options volume rose 26.96% to $410.4 million, and open interest in DOGE options jumped by 69.35% to $631,910, indicating robust speculative demand from sophisticated traders looking to leverage near-term momentum.

Further reinforcing the bullish outlook is the long/short ratio across top exchanges. On Binance, the long/short account ratio stands at 2.308, while OKX reports a ratio of 2.49, indicating a clear bullish skew in trader positioning.

Among top traders, the imbalance is even more pronounced, with Binance showing a long/short position ratio above 3.1. These metrics point to broad conviction that the current rally has room to extend.

In conclusion, the convergence of rising price action, outsized open interest growth, and bullish sentiment in both futures and options markets suggests that Dogecoin is not merely in a short-term speculative phase.