Amid rising Funding rates and increased whale demand, can Dogecoin break the negative market trends and enter a recovery phase?
Speculative Traders Have Started Leaning Bullish
After a week of consolidation within the narrow $0.082 – $0.78 range, Dogecoin speculative trends are show conviction to initiate a price uptrend.
Santiment’s funding rate trend tracks changes in fees paid by speculative traders to maintain their positions in the derivatives market.
The chart below shows that the DOGE funding rate has been on the rise this week increased by 700% from 0.01% on Feb. 3 to 0.08% on Feb 7.
Positive funding rates means that long position holders are paying higher fees to short traders in expectation of booking higher profits when prices move up.
Hence, the rising DOGE Funding Rates this week suggest that, like whale investors, speculative traders are also leaning increasingly bullish this week.
This news is republished from another source.
