{"id":643342,"date":"2024-09-20T19:00:45","date_gmt":"2024-09-20T19:00:45","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=643342"},"modified":"2024-09-20T09:57:05","modified_gmt":"2024-09-20T09:57:05","slug":"dogecoin-open-interest-muted","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/dogecoin\/dogecoin-open-interest-muted\/","title":{"rendered":"Dogecoin Open interest Remains Muted Below $500 Million, What\u2019s Going On?"},"content":{"rendered":"<p class=\"p2\">With the market recovery, open interest in major assets has been rising, but it seems <a href=\"https:\/\/www.shenyangcang.com\/dogecoin-2\/dogecoin-sees-surge-in-transactions-is-a-massive-breakout-on-the-horizon\/\">Dogecoin is not following this trend<\/a>. The meme coin has remained muted with a failure to move like other large caps such as Bitcoin and Solana. Naturally, the direction of open interest can have an impact on the performance of Dogecoin\u2019s price. So, what could this muted open interest mean for the meme coin\u2019s price going forward?<\/p>\n<h2 class=\"p2\">Dogecoin Open Interest Fails To Move<\/h2>\n<p class=\"p2\">According to <a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\" rel=\"nofollow\">data<\/a> from the Coinglass website, the <a href=\"https:\/\/bitcoinist.com\/dogecoin-open-interest-500-million\/\" rel=\"nofollow\">Dogecoin open interest has failed to surpass the $500 million level<\/a> once again. On Thursday, the Dogecoin open interest was $493.97 million, which is a long way from its all-time high. This comes even as the meme coin\u2019s open interest surged 6.9% in the 24-hour period, with notable jumps across crypto exchange such as OKX and Bitget.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/october-bitcoin-going-to-90000\/\">October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000<\/a><\/div>\n<p class=\"p2\">Despite this increase, the Dogecoin open interest is still firmly below its August highs. The open interest started out in August above $618 million. However, since then, it has remained muted, suggesting that crypto traders have turned their attention elsewhere.<\/p>\n<figure id=\"attachment_643395\" aria-describedby=\"caption-attachment-643395\" style=\"width: 460px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-643395\" src=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=460&#038;resize=460%2C162\" alt=\"Dogecoin open interest\" width=\"460\" height=\"162\" srcset=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=2814 2814w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=460 460w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=768 768w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=860 860w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=1536 1536w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=2048 2048w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=750 750w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/09\/Dogecoin-open-interest.png?w=1140 1140w\" sizes=\"(max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-643395\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p class=\"p2\">Even more concerning is the fact that the open interest is more than 70% below its all-time high from March 2024. On March 29, 2024, the <a href=\"https:\/\/bitcoinist.com\/dogecoin-open-interest-rise-with-34-day-price-peak\/\" rel=\"nofollow\">Dogecoin open interest<\/a> had reached a new peak of $2.21 billion. But since then, the open interest has been seeing a steady decline. At Thursday\u2019s figures of $498 million, the DOGE open interest is now seeing a 77% decline from its March\u2019s figures.<\/p>\n<h2 class=\"p2\">Why This Decline Could Be Good For DOGE<\/h2>\n<p class=\"p2\">The open interest gives the total of the open options or futures contracts in the market for a particular digital asset. Basically, it helps investors to tell if traders are betting heavily on the recovery or decline of a cryptocurrency or not.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/analysis\/xrp\/xrp-price-9468-pump-to-27\/\">XRP Price Prediction: Crypto Pundit Predicts Historical 9,468% Pump To $27<\/a><\/div>\n<p class=\"p2\">Given Dogecoin\u2019s data, it shows that traders are not exactly focused on the meme coin as they used to be. However, this is not always a bad thing, as periods of low open interest have often marked market bottoms. The low open interest usually gives investors a good time to enter into the coin, as the price often declines with the open interest. As the Bitcoin price recovers, it is expected that the Dogecoin price will follow, and when the open interest begins to recover, the <a href=\"https:\/\/www.shenyangcang.com\/dogecoin-2\/dogecoin-sees-surge-in-transactions-is-a-massive-breakout-on-the-horizon\/\">DOGE price is expected to grow rapidly<\/a> with it.<\/p>\n<p class=\"p2\">A similar scenario was witnessed back in January 2024, with the open interest marking a bottom somewhere around $300 million. However, over the next few months, the <a href=\"https:\/\/bitcoinist.com\/dogecoin-open-interest-66-5\/\" rel=\"nofollow\">open interest rose more than 630%,<\/a> triggering an over 100% price surge for Dogecoin.<\/p>\n<p class=\"p2\">If the same scenario plays out here, then <a href=\"https:\/\/www.shenyangcang.com\/analysis\/doge\/dogecoin-rejected-at-0-09149-level\/\">the DOGE price could double<\/a> once more. This would put the price firmly above the $0.2 level, especially with a bull run expected in the last quarter of the year.<\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/BKUxFlD6\/\" alt=\"Dogecoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">DOGE price $0.106 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">DOGEUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the market recovery, open interest in major assets has been rising, but it seems Dogecoin is not following this trend. The meme coin has remained muted with a failure to move like other large caps such as Bitcoin and Solana. Naturally, the direction of open interest can have an impact on the performance of Dogecoin\u2019s price. So, what could this muted open interest mean for the meme coin\u2019s price going forward? Dogecoin Open Interest Fails To Move According to data from the Coinglass website, the Dogecoin open interest has failed to surpass the $500 million level once again. On Thursday, the Dogecoin open interest was $493.97 million, which is a long way from its all-time high. This comes even as the meme coin\u2019s open interest surged 6.9% in the 24-hour period, with notable jumps across crypto exchange such as OKX and Bitget. Related Reading: October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000 Despite this increase, the Dogecoin open interest is still firmly below its August highs. The open interest started out in August above $618 million. However, since then, it has remained muted, suggesting that crypto traders have turned their attention elsewhere. Even more concerning is the fact that the open interest is more than 70% below its all-time high from March 2024. On March 29, 2024, the Dogecoin open interest had reached a new peak of $2.21 billion. But since then, the open interest has been seeing a steady decline. At Thursday\u2019s figures of $498 million, the DOGE open interest is now seeing a 77% decline from its March\u2019s figures. Why This Decline Could Be Good For DOGE The open interest gives the total of the open options or futures contracts in the market for a particular digital asset. Basically, it helps investors to tell if traders are betting heavily on the recovery or decline of a cryptocurrency or not. Related Reading: XRP Price Prediction: Crypto Pundit Predicts Historical 9,468% Pump To $27 Given Dogecoin\u2019s data, it shows that traders are not exactly focused on the meme coin as they used to be. However, this is not always a bad thing, as periods of low open interest have often marked market bottoms. The low open interest usually gives investors a good time to enter into the coin, as the price often declines with the open interest. As the Bitcoin price recovers, it is expected that the Dogecoin price will follow, and when the open interest begins to recover, the DOGE price is expected to grow rapidly with it. A similar scenario was witnessed back in January 2024, with the open interest marking a bottom somewhere around $300 million. However, over the next few months, the open interest rose more than 630%, triggering an over 100% price surge for Dogecoin. If the same scenario plays out here, then the DOGE price could double once more. This would put the price firmly above the $0.2 level, especially with a bull run expected in the last quarter of the year. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":643387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,89174,85675,7,1803,91788,1804,79599,79600,54146],"class_list":["post-643342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-open-interest","tag-dogecoin-price","tag-dogeusd","tag-dogeusdt","tag-open-interest"],"acf":[],"yoast_head":"\n<title>Dogecoin Open interest Remains Muted Below $500 Million, What\u2019s Going On?<\/title>\n<meta name=\"description\" content=\"With the market recovery, open interest in major assets has been rising, but it seems Dogecoin is not following this trend.\" 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