Dogecoin Futures Open Interest Surges Past 16 Billion DOGE, Challenging Long-Term Downtrend

Dogecoin Futures Open Interest Hits Record 16.24 Billion DOGE as Price Breaks Downtrend

Dogecoin futures are seeing unprecedented activity as the token’s price breaks above a key bearish trendline, signaling potential for increased volatility.

According to Coinglass, open interest in DOGE futures contracts worldwide has surged to a new all-time high of 16.24 billion DOGE—roughly $4 billion at current market value—marking a 48% jump this month. This surpasses the previous record of 14.31 billion DOGE set earlier this year in January.

Open interest, which tracks the number of active contracts, rising in tandem with price typically confirms a bullish trend. Additionally, DOGE’s positive perpetual funding rates indicate growing demand for leveraged long positions, often a precursor to heightened price swings.

DOGE’s price has climbed 47% in July alone, crossing above $0.24 and breaking out from the downtrend that began after the December 2024 peak near $0.48, as per TradingView data.

With the price now above the 200-day moving average, market signals point toward renewed bullish momentum and the possibility of further gains ahead.