The Dogecoin (DOGE) network is gradually heating up with bullish activities following the recent Ethereum (ETH) price jump above $3.4k. The Dogecoin’s Futures Open Interest (OI) has surged to the highest level since early February 2025 of about $3.19 billion, signaling a renewed interest from speculative traders.
The Dogecoin’s funding rate has also recorded an increased positive growth, whereby the average daily funding rate is higher than the second week of May, which resulted in an upsurge towards 25 cents. Historically, positive funding rates are associated with bullish sentiment and vice versa.
The Dogecoin network has remained unrivaled by the emergence of thousands of memecoins in the past years. The unwavering support Dogecoin gets from tech billionaire Elon Musk has helped the memecoin attract the attention of more institutional investors.
As Coinpedia previously reported, several fund managers are seeking to offer spot DOGE ETFs in the United States. Earlier on Thursday, Bit Origin Ltd. (NASDAQ: BTOG) announced it has secured $500 million in equity and debt facilities to launch a Dogecoin treasury.
“What started as a joke has evolved into a globally liquid asset with a payments utility. Few digital assets rival Doge’s settlement speed and scale of community, which continues to drive adoption across peer-to-peer payments and online commerce,” Jinghai Jiang, CEO and Chairman of Bit Origin, noted.
Following the rising bullish sentiment for the altcoin market, DOGE price has surged over 15 percent in the last seven days to trade at about 21 cents on Thursday, July 17, during the mid-North American trading session. The large-cap memecoin, with a fully diluted valuation of about $31.7 billion, has seen its daily average traded volume gain over 71 percent to hover about $3.67 billion.
From a technical analysis standpoint, DOGE price has already broken from a falling logarithmic trend that was established since the beginning of 2025. The bullish sentiment for DOGE price is bolstered by the daily Relative Strength Index (RSI) which has approached the 70 level amid the MACD line that recently crossed above the zero line, signaling the bulls have taken higher ground.
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