Dogecoin Open Interest Hits New ATH – Here’s What Happened The Last Time
Dogecoin has hit a brand new milestone after rallying greater than 20% final week. The meme coin saw its open interest balloon over the weekend as buyers poured in to reap the benefits of the worth enhance. This pushed its open curiosity shortly, and now, it has reached a brand new all-time high for the second time this 12 months.
Dogecoin Open Interest Crossed $6 Billion
According to data from the on-chain aggregation web site Coinglass, the Dogecoin open interest has now crossed $6 billion. This enhance occurred over the weekend following the Dogecoin value hitting $0.3 for the primary time in over six months. Coincidentally, the open curiosity will hit its highest stage in over six months as nicely.
On Sunday, the full open curiosity got here in at $6.01 billion, marking a brand new peak to beat its January 2025 report. Back in January, when the crypto market was nonetheless reeling from the surge that started again in November 2024, the Dogecoin open curiosity had risen to $5.51 billion and remained that method, regardless of the May 2025 run-up.
The rise to a brand new all-time high in open interest is a direct illustration of the curiosity that the meme coin is now seeing from crypto buyers. This is as a result of open curiosity takes into consideration all the lengthy and brief contracts available in the market. This implies that crypto merchants are putting extra bets on the Dogecoin value, relying on the place they imagine that it’s headed in subsequent.
The Long/Short ratio on the web site shows that crypto merchants are favoring the Dogecoin price to decline throughout this time. The ratio is available in 0.9161, with 47.81% of merchants betting on a value enhance and 52.19% of merchants anticipating the worth to maintain falling.
What Happened After The Last Open Interest Peak?
Looking on the Dogecoin open curiosity chart, it paints a transparent image of what occurs every time it hits a brand new all-time high. After the January peak, the open curiosity had begun to say no, and the Dogecoin value had adopted go well with. This led to a multi-month accumulation trend that ended towards the tip of the third quarter of the 12 months.
If this pattern holds, then it’s doubtless that the present Dogecoin correction is barely the beginning. It is feasible that one other accumulation pattern may comply with and would finish throughout one other market uptrend. The final time noticed an over 60% decline in open curiosity earlier than a backside was discovered, and Dogecoin was able to regain its bullish strength once more.
