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

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Dogecoin (DOGE) is facing a steep market cooldownafter weeks of heightened trading activity in early October. Data 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 momentum. The latest figures reveal a significant pullback in derivatives activityand spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases.  Dogecoin Open Interest Crashes Over 60%

Dogecoin’s Open Interest has plungeddramatically from its October highs, reflecting a rapid exodus of leveraged tradersfrom the market. According to CoinGlass, total exchange DOGE futures Open Interest has fallenover 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token. Related Reading Dogecoin Open Interest Crashes 50% From October Highs, Volume Is Worse, What’s Going On? 56 minutes ago

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 exchanges. Kucoinrecorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction.  Source: Chart from Coinglass

Even Binance, which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s Open Interest peakedat $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks. Dogecoin Sees Even Worse Decline In Volume

Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data showsthat Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total 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 28. This represents a whopping 74% decline. Related Reading Dogecoin Price Macro Target Remains Above $2, And The Market Crash Hasn’t Changed It 3 days ago

On individual exchanges, Binance’s DOGE trading volume droppedby 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io 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 gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquidrose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. 

Alongside its decline in trading volume, CoinGlass notes that Dogecoin’s price performancehas slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours. DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com