Binance Traders Bet Big on Dogecoin: $0.5 Breakout Imminent?

Dogecoin (DOGE) is showing signs of a potential breakout as traders on Binance Futures heavily favor long positions, with 69.5% of open bets anticipating a price surge. This bullish sentiment aligns with a broader meme coin rally that has injected over $10 billion into the sector. On-chain metrics and persistent market Optimism suggest DOGE could be gearing up for a significant move toward $0.5, despite weeks of consolidation.

Dogecoin Traders Are Going Long: Is A $0.5 DOGE Price Jump On The Horizon?

Dogecoin bulls are positioning for a potential breakout as on-chain metrics signal growing optimism. The meme coin has weathered weeks of sideways trading despite persistent bullish attempts, now finding renewed momentum alongside a broader meme coin rally that added over $10 billion to the sector.

Binance Futures data reveals 69.5% of open Doge positions are long, reflecting trader conviction in an impending uptrend. This 2:2 long-to-short ratio imbalance often precedes significant price movements. The surge aligns with Bitcoin’s upward trajectory and recovering DeFi activity, creating fertile ground for speculative assets.

Blum Co-Founder Detained in Moscow on Fraud Charges

Russian authorities have arrested Vladimir Smerkis, co-founder of the Blum tap-to-earn app and former Binance executive, on fraud charges. The Zamoskvoretsky District Court granted an investigator’s request for detention under Article 159 of Russia’s Criminal Code.

Blum announced Smerkis’ departure as CMO one day prior to the arrest, stating he is no longer involved in project development or co-founder roles. The company acknowledged his contributions in a separate social media post.

The case emerges amid growing regulatory scrutiny of cryptocurrency executives worldwide. Details of the alleged fraud remain undisclosed by Russian authorities.