Dogecoin zooms 10%, breaking away from bitcoin as open interest hits a yearly peak
Open interest in DOGE-tracked futures climbed to 15.36 billion tokens, a sign that traders are adding fresh leverage as the memecoin’s price surges.
What to know:
- Dogecoin has jumped nearly 10% to about 10.5 cents as futures open interest climbs to its highest level this year;.
- Rising prices alongside surging futures open interest suggest new money is flowing into DOGE rather than old positions being unwound.
- Analysts cite large holder accumulation, new institutional products, improving fund flows, and increased on-chain activity and speculative hopes around Elon Musk’s X payments ecosystem as key drivers of renewed demand for the token.
The upswing in open interest suggests more traders are chasing leveraged directional plays, a sign of strong risk sentiment in the market.
DOGE’s price has climbed nearly 10% over the past week, briefly pushing above 11 cents before settling near $0.105 as of writing, according to data source CoinDesk. Bitcoin, meanwhile, has pulled back below $76,000 after trading above $79,000 earlier this week.
The combination of rising spot price and futures OI suggests that new money is entering the market rather than old positions being closed. The pattern is said to reinforce the prevailing market trend, which is bullish, in DOGE’s case. However, it also leaves the market more exposed to sharp liquidations if momentum reverses.
Binance accounted for nearly 3.99 billion DOGE in open interest, followed by Bitget, Bybit, and OKX, each with more than 1 billion DOGE, data shows. Hyperliquid, MEXC, WhiteBIT, and KuCoin also showed sizable positions, pointing to a move not confined to a single venue.
DOGE’s rally comes after weeks of sideways trading and a broader return of speculative interest across majors earlier in the week.
