Dogecoin has seen a rise of about 10% during the past day, but longs are piling up on the futures market, which may be something to keep an eye on.
Dogecoin Funding Rate Attains Highly Positive Values After Rally
As explained by the on-chain analytics firm Santiment, DOGE traders are betting on the price rise to continue as long positions are being opened on the futures market.
The indicator of interest here is the “Binance funding rate,” which keeps track of the periodic fee that Dogecoin futures contract holders on Binance are exchanging with each other right now.
When the value of this metric is positive, it means the long investors are paying a premium to the short ones in order to hold onto their current positions. Such a trend implies the majority of the market holds a bullish sentiment.
On the other hand, negative values imply a bearish mentality is the dominant force in the sector as the DOGE short traders are outweighing the longs at the moment.
Now, here is a chart that s
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