81% of Binance Traders Bullish on Dogecoin: Next Big DOGE Move?

On January 14, 2025By Littum

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On Binance, most traders are betting that Dogecoin (DOGE) will continue to rise, as recent analysis shows that 81.05% of all open Dogecoin positions on the platform are long. This suggests that traders are feeling quite bullish about the popular meme coin.

Only a small percentage of traders are betting on a price drop, while the remaining 18.95% of positions are short. The long-to-short ratio is currently an impressive 4.28, indicating a big change in how bullish people are about Dogecoin.

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On top of that, the funding rate is also positive, as shown in the CoinGlass data. When funding rates are positive, it is a sign that traders are willing to pay to maintain their long positions because they believe the price will rise. All this indicates that DOGE is set for more growth.

But this optimism is somewhat at odds with what has been happening in the market recently. On the day of the analysis, Dogecoin’s price fell by almost 1%. But the bigger picture is more complex.

A few days earlier, DOGE was up over 10% after finding support at a local low around $0.314. Dogecoin seems to be going through a bit of a rollercoaster, with some big swings in price, but the long-term picture looks good.

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The liquidation data is also interesting. In the last 24 hours, most of the liquidated positions were shorts. In fact, fewer than half of the closed DOGE perpetual futures positions were long. This suggests that traders who bet against Dogecoin’s price action were caught on the wrong side of the market.