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DOGE contract volume for Close Position reaches a record high of 10.35 billion DOGE
PANews reported on January 7th that the number of outstanding Close Position contracts in the Dogecoin (DOGE) futures market hit a new high of 10.35 billion DOGE, exceeding the previous peak of 10 billion DOGE in March 2024. This indicates that new funds have flowed into the market, which may drive price Fluctuation. Historical data shows that January is the best performing month for DOGE, with an average return of 85%. Technical indicators show that the 50-day Simple Moving Average (SMA) of DOGE has broken through, indicating a bullish trend. Analysts predict a short-term target price of 50 cents, and some major players are optimistic about the target of reaching $1 in 2025. In addition, the trading volume of whales with a value of over $100,000 has surged, further indicating an increase in demand. The analysis also points out that the trading volume is below the peak of 2021, and investors need to be cautious against the current resistance level of 40 cents.