Dogecoin Futures Open Interest Rises to $1.62 Billion Amid Price Dip
Traders are increasingly interested in Dogecoin futures despite a recent price dip.
Futures Activity Increases
- Open interest in Dogecoin futures rose from approximately $990 million to $1.62 billion this week.
- This increase occurred as the price fell from around $0.25 to the $0.22–$0.23 range.
- Previous trends showed open interest fell below $900 million by April, but this week’s rise breaks that pattern.
Despite $DOGE pulling back from its recent high, Futures Open Interest continues to rise, up +63.9% over the past week ($989M → $1.62B).
Price Movements
- Dogecoin's price increased from about $0.16 on May 6 to over $0.24 by May 11.
- Currently, it has settled back into the $0.22–$0.23 range.
- Traders maintain optimism regarding the overall upward trend.
Funding Rates and Market Sentiment
- Funding rates remain positive, indicating that most futures traders are long.
- Rates on platforms like BitMEX and Gate.io are around 0.0100%, while Binance and OKX are slightly lower.
- This scenario benefits long holders but could become costly if prices decline.
Support Levels
- Dogecoin closed above its previous resistance level near $0.22, now acting as support.
- A hold above $0.22 may lead to a potential increase toward $0.27.
- If it fails to stay above this level, short positions may gain control, pushing prices lower.
Market volatility is expected to continue as traders monitor support levels and price movements.