"Bullish" bets on Dogecoin hit record $1 billion - meme coin up 40%

Traders continue to use meme coins as stakes in the Ethereum and Solana blockchain ecosystems, driving Dogecoin futures to record levels.

As Coindesk notes, bullish bets on Dogecoin reached a record $1 billion, with almost 70% of the bets being long positions.

The Dogecoin token rose by 40%, leading the increase among major tokens and significantly outperforming the broader cryptocurrency index CoinDesk 20, which grew by almost 7.8% over the same period.

Meanwhile, the flagship cryptocurrency bitcoin continues its steady rise, reaching $63,000 from yesterday's $60,000. Bitcoin last traded above $60,000 in November 2021 - shortly after reaching its all-time high.