Dogecoin Open Interest Crashes 50% From October Highs, Volume Is Worse, What’s Going On?

Dogecoin (DOGE) is facing a steep market cooldown after weeks of heightened trading activity in early ￰0￱ from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s ￰1￱ latest figures reveal a significant pullback in derivatives activity and spot market participation, suggesting that traders may be retreating from speculative positions as volatility ￰2￱ Open Interest Crashes Over 60% Dogecoin’s Open Interest has plunged dramatically from its October highs, reflecting a rapid exodus of leveraged traders from the ￰3￱ to CoinGlass, total exchange DOGE futures Open Interest has fallen over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October ￰4￱ represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per ￰5￱ Reading: Dogecoin Treasury Company Looking To Use Strategy’s Bitcoin Playbook For DOGE, Here’s How Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest Dogecoin futures activity.

Still, the downturn has been widespread across ￰6￱ recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% ￰7￱ the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while ￰8￱ saw a 7.36% ￰9￱ Binance, which consistently leads Dogecoin futures trading, has seen a notable ￰10￱ reports that the exchange’s Open Interest peaked at $964.7 million on October 7, marking a monthly ￰11￱ then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three ￰12￱ Sees Even Worse Decline In Volume Trading volume for Dogecoin has mirrored the collapse in Open ￰13￱ data shows that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red ￰14￱ trading volume had spiked to $20.45 billion on October 11, following the devastating crypto flash crash on October 10, but has since plummeted to $5.31 billion as of October ￰15￱ represents a whopping 74% ￰16￱ Reading: Dogecoin Price Macro Target Remains Above $2, And The Market Crash Hasn’t Changed It On individual exchanges, Binance’s DOGE trading volume dropped by 9.35% in the past 24 hours, while OKX saw a 13.69% ￰17￱ recorded the largest volume decrease at 26.1%, followed by ￰18￱ at 23.94%.

Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall market liquidity thinned. However, a few exchanges bucked the downward trend, recording slight ￰19￱ saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquid rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, ￰20￱ its decline in trading volume, CoinGlass notes that Dogecoin’s price performance has ￰21￱ meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 ￰22￱ image from iStock, chart from ￰23￱