Dogecoin's Futures Open Interest has surged despite a recent price pullback, indicating persistent speculative activity. According to Glassnode's analysis on X, the metric jumped from $989 million to $1.62 billion over the past week, marking a 64% increase.
This rise in open interest contrasts with the cooling Dogecoin rally, suggesting investors are maintaining speculative positions even as price momentum wanes. A similar trend is observed in XRP, where Futures Open Interest increased by 41.6% during the same period.
As of today, Dogecoin is trading around $0.236, reflecting a more than 42% increase over the past week. The decoupling of open interest from price movement in Dogecoin signals a setup that warrants close monitoring.
This article is based on our author's analysis of materials taken from the following resource: X (Glassnode).