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Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here?

Scott Matherson
Scott Matherson
10 months ago
3 mins read
Dogecoin open interest

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The total open interest of any asset can help to narrow down what traders are doing when it comes to a coin, and Dogecoin is no different. As with any metric, a rise or fall within a period of time can be significant as traders choose to take or not take positions in that asset. In Dogecoin’s case, there has been a decline in the open interest over the last week, and this could have some implications for the DOGE price going forward.

Dogecoin Open Interest Falls 24%

According to data from Coinglass, the Dogecoin open interest has fallen 24% in the last week alone. This figure comes from July 18 when the open interest hit $707 million, going into August, with a total open interest value of $420 million.

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This decline in the Dogecoin open interest follows the market crash that has rocked cryptocurrencies, eventually sending the DOGE price below $0.09 by Monday. It shows a drastic reduction in the number of open positions, suggesting a reduction in interest.

This is not the lowest that the Dogecoin open interest has been this year. However, it is interesting due to the current condition of the market. For example, the Dogecoin price has erased most of its gains from last year, pushing it back toward February 2024 lows.

The correlation between the Dogecoin price and the open interest is now more glaring with this crash. In the time that the open interest has fallen 24%, the Dogecoin price has seen around a 40% decrease in price.

What Does Historical Data Say?

With the correlation between open interest and the Dogecoin price, using historical data could help to narrow down what might be on the horizon for Dogecoin. For example, the last time that the Dogecoin open interest saw a sharp drop, the price also followed.

In March 2024, the DOGE open interest peaked at $2.21 billion, and the price saw its highest level so far this year as well. Following this, there was a crash in open interest and the DOGE price went from $0.22 to $0.18 alongside it, all in the month of March.

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This suggests that for a recovery to begin for the Dogecoin price, a rise in the open interest would be a good development. If the open interest flattens out from here, then the Dogecoin price could enter a phase of consolidation that could see it tread around $0.08 for a while.

Mainly, however, a recovery for the DOGE price would be imminent if the Bitcoin price were to begin rising again. In this case, a market-wide rally would see Dogecoin follow, breaking the current bearish trend.

Dogecoin price chart from Tradingview.com
DOGE price struggles to maintain gains | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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