Dogecoin has achieved a new record in open interest, exceeding $4 billion for options trading over the weekend. This figure represents a significant surge in market activity for the leading meme coin, with the open interest briefly reaching $4.06 billion before settling to around $3.6 billion. Notably, the majority of these trades are bearish, with approximately $1.9 billion in short contracts. Open interest reflects the total number of contracts not yet settled, indicating substantial trader engagement with Dogecoin's price movements. This spike in interest followed news that Elon Musk plans to integrate Dogecoin as a payment option on his platform, X (formerly Twitter), further fueling speculation among investors. Despite recent fluctuations, where Dogecoin's price dipped nearly 9% to approximately $0.39, it has notably increased over 185% in the past month. Dogecoin is not only the largest meme coin but also the seventh-largest cryptocurrency by market cap, demonstrating its substantial impact and volatility within the crypto market.

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