Price Down, Bets Up: Dogecoin Open Interest Climbs To $1.62 Billion
Dogecoin traders are showing a lot of interest in futures contracts, even though the coins price has dipped a bit. That split between price moves and betting activity is drawing attention.
Futures Interest Climbs Despite Pullback
According to onchain data provider Glassnode, open interest in Dogecoin futures jumped from almost $990million to $1.62billion this week. That rise came after the price slid back from near $0.25 into the $0.22$0.23 zone.
Its a sign that traders are still placing big bets, even as momentum cools. Back in midFebruary, open interest fell below $900million by April, as Dogecoin headed down from its brief rally above $0.23. This weeks surge breaks that past trend.
Despite $DOGE pulling back from its recent high, Futures Open Interest continues to rise, up +63.9% over the past week ($989M $1.62B). This decoupling suggests persistent speculative positioning, even as price momentum fades a setup worth monitoring: https://t.co/N343pGpptL pic.twitter.com/icOVcqDffA
glassnode (@glassnode) May 13, 2025
Price Rally And Minor Setback
Based on reports, Dogecoin climbed from roughly $0.16 on May 6 to just over $0.24 by May 11. Thats a sharp gain in just a few days. Then the price eased back into the $0.22$0.23 range. Traders saw higher highs and higher lows overall. Theyve held onto the belief that the upward trend is still intact.
Bullish Funding Rate SignalsFunding rates have stayed in positive territory, which shows futures traders are mostly long. Data from Coinglass on May 13, 2025, puts rates at 0.0100% on BitMEX, HTX, Gate.io and Bitget. Binance and OKX are a bit lower, at 0.0036% and 0.0034%. Those numbers mean long holders pay short sellers a small fee. That setup can boost a rally. But if the price drops, it can turn costly for those same traders.
Support Level Under WatchMarket analyst Rekt Capital pointed out that Dogecoin closed above its old prehalving resistance on the weekly chart. That level now sits near $0.22 and is acting as support. If DOGE holds that spot, the coin might head toward at least $0.27 next. A failure to stay above $0.22 could shake out some of the most stretched positions.
Overall, the mix of rising futures activity and a soft pullback makes for a tense scene. On one hand, theres still a strong bullish bias. On the other, too much onesided positioning can invite a shakeout.
Traders will be watching weekly closes around $0.22 to see if support holds. If it does, a run at $0.27 could happen. If it doesnt, shorts may gain the upper hand and push prices lower. Either way, volatility is likely to stay high as Dogecoins rollercoaster ride continues.
Featured image from Gemini Imagen, chart from TradingView
Read more: https://www.newsbtc.com/meme-coins/price-down-bets-up-dogecoin-open-interest-climbs-to-1-62-billion/
Text source: NewsBTC
