ReportWire

Tag: Bitget

  • Dogecoin Open Interest Crashes 50% From October Highs, Volume Is Worse, What’s Going On?

    Dogecoin (DOGE) is facing a steep market cooldown after weeks of heightened trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant pullback in derivatives activity and spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases. 

    Dogecoin Open Interest Crashes Over 60%

    Dogecoin’s Open Interest has plunged dramatically from its October highs, reflecting a rapid exodus of leveraged traders from the market. According to CoinGlass, total exchange DOGE futures Open Interest has fallen over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token.

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    Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest Dogecoin futures activity. Still, the downturn has been widespread across exchanges. Kucoin recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction. 

    Source: Chart from Coinglass

    Even Binance, which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s Open Interest peaked at $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks.

    Dogecoin Sees Even Worse Decline In Volume

    Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data shows that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total trading volume had spiked to $20.45 billion on October 11, following the devastating crypto flash crash on October 10, but has since plummeted to $5.31 billion as of October 28. This represents a whopping 74% decline.

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    On individual exchanges, Binance’s DOGE trading volume dropped by 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall market liquidity thinned. 

    However, a few exchanges bucked the downward trend, recording slight gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquid rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. 

    Alongside its decline in trading volume, CoinGlass notes that Dogecoin’s price performance has slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours.

    Dogecoin
    DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Scott Matherson

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  • Bitget Wallet Narrows Gap with Binance in Download Rankings: Report

    Bitget Wallet Narrows Gap with Binance in Download Rankings: Report

    Bitget revealed that its native wallet has surpassed 40 million users, representing a growth of over 100% since March 2024. This brought the platform closer to Binance, making it the second most downloaded crypto app in the world.

    In fact, Bitget Wallet recorded 6 million downloads in September alone.

    In a recent blog post, Bitget attributed its growth this year to several key factors, including its integration with the TON ecosystem and Telegram. The team said that the integration allowed users to access wallet services directly through the social media messaging app, creating a more streamlined connection between traditional Web2 platforms and the evolving Web3 space.

    In the third quarter, TON on-chain addresses increased by 4866%. Additionally, Bitget revealed that it is witnessing rapid user growth in emerging markets such as Africa, South Asia, and the Middle East, with some regions experiencing increases of up to 413%.

    While Bitget Wallet is experiencing significant growth, Binance’s crypto app topped the chart with 9.9 million downloads for the month despite facing major regulatory hurdles.

    Binance had previously dominated the crypto and fintech download charts during the 2024 bull market. In the first quarter, the platform’s mobile app, featuring both trading and Web3 functions, amassed over 6.3 million downloads.

    More recently, the release of former CEO Changpeng ‘CZ’ Zhao appears to have sparked increased interest in the platform, while anticipation for “Uptober” added another boost to its download number.

    The same cannot be said for its dominance, which has declined significantly. As recently reported by CryptoPotato, Binance’s spot market share dropped to 27% in September, a level not seen since January 2021. The exchange also experienced an almost 23% decrease in spot trading volume, which fell to $344 billion, marking the lowest monthly total since November 2023.

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    Chayanika Deka

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  • Bitget’s Q3 surge defies market trends, sees over 9% boost in market share

    Bitget’s Q3 surge defies market trends, sees over 9% boost in market share

    Bitget emerges resilient in Q3 2023, recording a significant 9.43% market share and exceptional performance for its native token BGB, despite challenging market conditions.

    Crypto derivatives and copy trading platform Bitget has weathered a challenging Q3 market with noteworthy resilience, according to its latest transparency report. While the overall industry saw a decline in spot and derivative trading volumes, Bitget’s market share climbed to an impressive 9.43% in September.

    Exceptional token performance

    Bitget’s native token, BGB, emerged as one of the top five platform tokens by market cap, registering a quarterly high of $0.4927 in September. The number of BGB holders also surged to 354,472 in Q3, while trading volume for the token exceeded $1.3 billion in the past three months.

    The platform has also reinforced its global expansion efforts. The report highlighted several strategic partnerships across tax reporting, portfolio management, and trading automation sectors, including alliances with Cointracking, Coinstats, CCData, Koinly, 3commas and Cobo Superloop, among others.

    Looking globally, the platform has disclosed ambitious expansion plans targeting the Middle East, specifically countries like Bahrain and the UAE. This comes alongside Bitget’s $100 million EmpowerX Fund, launched in September to fuel development within its Web3 ecosystem.

    Despite market uncertainties, Bitget’s Protection Fund remained robust, exceeding $300 million throughout Q3. The fund peaked at $368 million in July, increasing the platform’s over 200% Proof-of-Reserves ratio and adding an extra layer of security for users.


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    Mohammad Shahidullah

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