#Dogecoin‬⁩

Average open interest in Dogecoin futures hits all-time high – is it a bullish signal for DOGE?

DOGE could be peaking, despite continued endorsements from Elon Musk and overall outperformance from most memecoins.

Dogecoin DOGE $0.3925

Open interest in futures surged to an all-time high of $4.6 billion on November 23, surpassing the previous record by 100%. This escalation indicates a significant increase in leverage demand, which is notable as DOGE is trading 35% below its peak of $0.74 in May 2021.

Traders are concerned that DOGE’s 224% surge from November 3 to November 23, driven by derivatives, could signal a cycle top, reminiscent of the price action we saw in April 2024.

From March 20 to March 28, DOGE saw an 82% price surge, reaching a high of $0.23 as futures interest peaked at $2.3 billion. Overly leveraged long positions led to massive forced liquidations as DOGE corrected more than 15% in five days. The correction lasted for three weeks, with the price falling 40% to $0.14 by April 19.