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Dogecoin Traders Reduce Exposure, Investors Cautious
Dogecoin’s Open Interest currently stands at $1.42 billion. OI represents the total number of open contracts—buys (long) or sells (short)—in a futures or options market at any given time. An increase in OI indicates that new positions are being added, reflecting increased engagement and confidence in the cryptocurrency’s price action.
On the other hand, a decrease in the indicator reflects the closing of positions, suggesting decreasing confidence among traders or a neutral outlook on the asset. Therefore, the notable drop in DOGE’s OI suggests that traders do not expect the short-term price action to yield good gains.
