Recent analysis indicates that Dogecoin is currently at the forefront of leading cryptocurrencies, particularly regarding its impressive Funding Rate. This metric reveals heightened interest among traders favoring long positions.

Dogecoin’s Funding Rate Stands at 0.0092%

According to a new update from Glassnode, a leading blockchain analytics firm, Dogecoin is standout among top cryptocurrency assets in terms of Funding Rate comparisons.

The Funding Rate itself is a crucial metric that assesses the average fees exchanged among perpetual futures traders for a particular asset on centralized trading platforms.

A positive Funding Rate indicates that long positions are paying shorts a premium to maintain their trades, reflecting a bullish outlook among traders. Conversely, a negative rate reveals that short positions surpass long ones, signaling a prevailing bearish sentiment.

Here’s a snapshot of the current Funding Rates among major cryptocurrencies:

As the chart indicates, Bitcoin (BTC) and Ethereum (ETH) are also enjoying positive Funding Rates, rebounding from a previous bearish phase. Bitcoin’s current rate is 0.0049%, and Ethereum follows closely at 0.0062%. XRP (XRP) shows similar bullish sentiment with a rate of 0.006%.

However, Dogecoin is notably leading the pack with a Funding Rate of 0.0092%, suggesting robust support among its investors.

In stark contrast, Tron (TRX) exhibits a bearish sentiment, with shorts paying a fee of -0.0087%. Meanwhile, Solana (SOL) shows a neutral stance, reflecting a Funding Rate of 0.0012%.

It’s important to note that the group that dominates the Funding Rate may face the risk of massive liquidations. In the case of Dogecoin, the strong bullish sentiment could mean that long positions might be vulnerable to squeezes.

Additionally, the data table includes metrics on various parameters. One noteworthy indicator is the Supply in Profit, which indicates the percentage of an asset’s supply currently held at unrealized gains.

For instance, while Bitcoin, Tron, and BNB boast over 90% of their supply in profit, both Dogecoin and Solana fall short of this benchmark, with less than 50% of their supply in the green.

DOGE Market Status

As of this moment, Dogecoin’s trading price hovers around $0.1666, reflecting a decrease of over 15% in the past week.