- Dogecoin and Floki Inu have emerged as two of the top five daily gainers in the major crypto market.
- Increased open interest signals growing optimism among traders for Dogecoin and Floki Inu’s upcoming rally.
As the third week of October draws to an end, the altcoin market seems to be showing indications of recovery in several sectors, especially in the meme coin sector.
Investors are becoming interested in this comeback, with two significant gainers in the daily top five list: Dogecoin (DOGE) and Floki Inu (FLOKI). Reflecting their major presence in the crypto market, both dog-themed tokens have drawn the interest of investors.
Dogecoin and Floki Inu have seen notable increases as of writing; they rank among the top performers in the daily gainer list. This growth follows a more general positive sentiment about DOGE, which recent on-chain data have helped to justify.
As we previously reported on CNF, with the open interest (OI) for DOGE futures contracts over $800 million, these measures exposed a clear inclination toward Dogecoin.
DOGE: Open Interest Surges as Traders Show Bullish Sentiment
New data from CoinGlass today shows yet another increase in DOGE’s OI, which has lately skyrocketed to $1.07 billion. This substantial rise in open interest reflects traders’ hope and indicates more activity around the token.
With DOGE’s current Long/Short ratio of 1.0408, the market shows somewhat more long holdings than short ones over the past 24 hours. With more market players predicting the DOGE price to climb rather than decline, this ratio points to traders leaning optimistic on the token in the near term.
Price-wise, DOGE has had an amazing 8.84% increase over the last 24 hours, rising to about $0.1454. Popular crypto analyst Mags has highlighted historical patterns and an optimistic sentiment that encourage this outlook.
Mags pointed out in a recent tweet the possibility for DOGE to undergo a significant rally grounded on prior performance. DOGE had its first pump pattern in 2021 before starting a parabolic increase, thereby raising more than 13,000%.
With a first rally target of $1.17 for DOGE, Mags says this historical trend could provide hints for the upcoming bull run. Although these estimates are hypothetical, the continuous growth and higher open interest point to a positive sentiment.
Floki Inu Shows Bullish Momentum with Interesting On-chain Data
Another meme coin under focus, Floki Inu (FLOKI), also exhibits strength. CoinGlass data shows a 17.15% rise in FLOKI’s open interest, therefore bringing the overall figure to $24.62 million. Rising OI among traders indicates that FLOKI might be preparing for a big change.
With more traders placing long positions in expectation of a price rise, the Long/Short ratio for FLOKI for the previous 24 hours sits at 1.0227, which, comparable to DOGE, shows a modest bullish bias.
Meanwhile, the FLOKI price increased by 8.13% over the last 24 hours at the time of writing, swapping hands about $0.0001617.
Beside that, technical analysis from well-known analyst ZAYK Charts, who lately tweeted about FLOKI’s chance for a significant comeback, supports this price movement.
Based on ZAYK’s chart analysis, FLOKI has breakout a falling wedge pattern—a positive indication usually preceding a major rally. Thanks to this breakthrough, ZAYK projects FLOKI could witness gains of 100% to 150% in the next few days or weeks.
Moreover, as we previously highlighted, Floki Inu’s performance throughout this season has historical relevance. Past data indicate that October 22 has been a significant date for FLOKI since the token regularly breaks out of consolidation trends at this time.
Based on past market trends, there is a constant indication that FLOKI could have significant increases. October 22 seems to be here.
New competitors such as WIF, POPCAT, MEW, and PEPE have piqued great interest from investors as the meme coin market develops. Still, popular and old meme coins like Dogecoin and Floki Inu appeal to investors even as new tokens start to take front stage.
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