Dogecoin hype rises after Musk’s ‘It’s Time’ – do on-chain metrics support this?

Elon Musk’s social media activity triggered a surge in discussions related to Dogecoin. However, despite the uptick in social media metrics, the currency’s market performance did not demonstrate significant changes.

Open interest in Dogecoin trading has declined to 690 million USD, indicating traders are growing less confident. The current price of DOGE is around 0.16 USD, reflecting challenges in gaining momentum after recent activity drops.