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Dogecoin’s open interest (OI) is again rising, pointing to renewed trader interest in the leading meme coin. At the same time, Shiba Inu’s exchange inflows have fallen, suggesting crypto investors may be positioning for a potential rally in the meme sector.
Coinglass data shows Dogecoin’s open interest has surged by more than 6%, reaching $1.5 billion as DOGE derivatives activity accelerates. The increase comes as DOGE reclaims the psychological $0.10 level, while Bitcoin trades flat.
Additional Coinglass figures indicate that the Dogecoin long/short ratio is above 1, suggesting more traders are taking long positions. On Binance, the long/short ratio is 1.9, while among top traders on Binance by account size it is 2.3.
Derivatives activity has also strengthened: Dogecoin’s derivatives trading volume climbed by more than 16% to $2.18 billion. Options open interest rose 38% to $1.2 million.
Shiba Inu is also seeing shifting flows. Exchange inflows have dropped from a recent high of around 1.5 trillion SHIB recorded on April 10. By April 29, exchange netflow has turned negative, indicating more SHIB is moving off exchanges than into them.
This pattern is generally viewed as bullish because it can reflect accumulation and positioning ahead of a potential price move.
Crypto analyst Ali Martinez said it may be a good time to buy Dogecoin. In an X post, he highlighted $0.1018 as the key level, noting that a sustained four-hour close above it—supported by rising volume—would confirm a bullish breakout. With DOGE now above that level, Martinez’s analysis indicates the breakout has been confirmed and that a new high could follow.
Martinez also stated that if DOGE reclaims $0.1018, his technical target is $0.1172, which he said aligns with the channel top.
Separately, analyst Celal suggested Shiba Inu could be set for a 10x rally, targeting $0.00007. The analyst attributed the potential move to technical factors and the strength of the SHIB community.
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