Dogecoin Futures Open Interest Soars 64% Despite Price Pullback, Signaling Strong Speculative Demand

Dogecoin continues to capture attention in the crypto derivatives market as data reveals a significant surge in its Futures Open Interest. According to new insights from Glassnode, the total value of open Dogecoin futures contracts across centralized exchanges has increased sharply, even in the face of a recent price pullback.

Over the past week, Dogecoin’s Futures Open Interest has jumped from $989 million to $1.62 billion—an impressive 64% rise. This metric, which reflects the number of active, unsettled futures positions, is a key indicator of market engagement and speculative appetite. Rising open interest typically signals that more traders are entering the market, often accompanied by an increase in overall leverage. This, in turn, can heighten volatility and spark larger price moves.

Initially, the surge in open interest aligned with a strong upward move in Dogecoin’s price, drawing in speculators looking to capitalize on the rally. What’s notable, however, is that the metric has continued to climb even after the momentum in DOGE’s price faded and a slight correction set in.

This divergence between price action and futures positioning suggests that traders remain confident or are betting on continued volatility. As Glassnode noted, the persistent rise in open interest despite a cooling market signals a “setup worth monitoring,” as it may indicate underlying bullish sentiment or set the stage for increased market turbulence.

Dogecoin isn’t the only digital asset seeing a wave of speculative activity. Glassnode’s analysis also shows that XRP has recorded a substantial increase in its own Futures Open Interest. Within the same timeframe, XRP’s open positions rose by 41.6%, climbing from $2.4 billion to $3.4 billion. This growth in leveraged positions accompanied a rally in XRP’s price from $2.14 to $2.48, highlighting increased trader conviction and directional speculation.

Together, these trends in Dogecoin and XRP futures markets point to growing risk appetite among crypto traders, even amid price uncertainty. Whether this speculative buildup leads to breakout moves or heightened volatility remains to be seen, but the data suggests the market is anything but quiet.