Dogecoin has hit a new milestone after rallying more than 20% last week. The meme coin saw its open interest balloon over the weekend as investors poured in to take advantage of the price increase. This pushed its open interest quickly, and now, it has reached a new all-time high for the second time this year.
Dogecoin Open Interest Crossed $6 Billion
According to data from the on-chain aggregation website Coinglass, the Dogecoin open interest has now crossed $6 billion. This increase happened over the weekend following the Dogecoin price hitting $0.3 for the first time in over six months. Coincidentally, the open interest will hit its highest level in over six months as well.
On Sunday, the total open interest came in at $6.01 billion, marking a new peak to beat its January 2025 record. Back in January, when the crypto market was still reeling from the surge that began back in November 2024, the Dogecoin open interest had risen to $5.51 billion and remained that way, despite the May 2025 run-up.
The rise to a new all-time high in open interest is a direct representation of the interest that the meme coin is now seeing from crypto investors. This is because open interest takes into account all of the long and short contracts in the market. This means that crypto traders are placing more bets on the Dogecoin price, depending on the position they believe that it is headed in next.
The Long/Short ratio on the website shows that crypto traders are favoring the Dogecoin price to decline during this time. The ratio comes in 0.9161, with 47.81% of traders betting on a price increase and 52.19% of traders expecting the price to keep falling.
What Happened After The Last Open Interest Peak?
Looking at the Dogecoin open interest chart, it paints a clear picture of what happens each time it hits a new all-time high. After the January peak, the open interest had begun to decline, and the Dogecoin price had followed suit. This led to a multi-month accumulation trend that ended toward the end of the 3rd quarter of the year.
If this trend holds, then it is likely that the current Dogecoin correction is only the start. It is possible that another accumulation trend could follow and would end during another market uptrend. The last time saw an over 60% decline in open interest before a bottom was found, and Dogecoin was able to regain its bullish strength again.
Featured image from Dall.E, chart from TradingView.com
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