Dogecoin's derivatives market has become more active as prices rose following Twitter's decision to replace its blue bird logo with a Shiba Inu dog picture. Open interest in stablecoin-margined dogecoin futures contracts surged to almost 6 billion DOGE tokens, setting a lifetime peak of $600 million worth of dogecoin in unsettled futures positions. Coin-margined contracts on dogecoin saw over $55 million in total open interest. Stablecoin-margined contracts are better suited to risk-averse traders and for hedging, while coin-margined contracts are preferred by aggressive traders, especially during bull runs.

(By Shaurya Malwa)