Price Down, Bets Up: Dogecoin Open Interest Climbs To $1.62 Billion
Dogecoin futures contracts have seen a significant increase in open interest, rising from nearly $990 million to $1.62 billion despite a price dip from around $0.25 to the $0.22–$0.23 range. This indicates strong trader interest even as momentum slows. Following a price surge from approximately $0.16 to over $0.24 between May 6 and May 11, the price has stabilized in the lower range, with traders maintaining a bullish outlook. Funding rates remain positive, suggesting a majority of futures traders are long, which can support price rallies but may also lead to losses if prices fall. Market analysts note that Dogecoin's ability to hold above the $0.22 support level is crucial for potential upward movement toward $0.27. A failure to maintain this support could result in increased short positions and downward pressure on prices, indicating ongoing volatility in the market.
