Dogecoin Open Interest Drops 62% Amid Significant Trading Volume Decline
Dogecoin Faces Market Cooldown
- Dogecoin (DOGE) is experiencing a significant market cooldown with a sharp decline in trading activity.
- Open Interest (OI) and trading volume for DOGE futures have plummeted, indicating reduced momentum.
- As of October 28, DOGE futures OI dropped over 62% from $5.03 billion to $1.88 billion.
- The current valuation stands at approximately 9.41 billion DOGE, priced at $0.20 per token.
Widespread Downturn Across Exchanges
- Binance, BitMEX, and Bybit lead in DOGE futures activity despite the downturn.
- Kucoin experienced a 3.1% drop in Open Interest, while Bitget saw a 2.27% decline.
- Over 24 hours, Bitunix recorded a 15.86% drop in OI; Crypto.com decreased by 7.36%.
- Binance’s OI peaked at $964.7 million but fell to $380.29 million, marking a 60.6% decrease.
Decline in Trading Volume
- DOGE's trading volume mirrored the OI collapse, dropping from $20.45 billion to $5.31 billion—a 74% decline.
- Binance’s daily volume fell by 9.35%; OKX saw a 13.69% reduction.
- CoinEx and Gate.io recorded volume declines of 26.1% and 23.94%, respectively.
Exchanges Showing Gains
- dYdX increased its DOGE volume by 167.61%; HTX grew by 49.93%; Hyperliquid rose by 23.88%.
- Bybit and MEXC also saw gains of 24.98% and 1.88%, respectively.
Price Performance
- Dogecoin is trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours.
