Dogecoin (DOGE) Futures Open Interest Has Tanked by Over 67% in the Past Three Months

This is according to Glassnode data shared by prominent crypto analyst Ali Martinez on Thursday, February 27. Specifically, open interest in the popular memecoin has dropped from December 8 highs of $4.07 billion to just $1.33 billion.

The open interest for Dogecoin futures has seen a significant decline, dropping over 67% in the past three months, according to Glassnode data shared by prominent crypto analyst Ali Martinez.

Specifically, open interest in the popular memecoin has dropped from December 8 highs of $4.07 billion to just $1.33 billion.

Open interest can be defined as the total amount of outstanding contracts in derivatives markets. It is often used to gauge market sentiment, with low open interest usually signaling reduced optimism about an asset.

The crash in Dogecoin open interest is the most recent indicator of waning interest in the memecoin in recent days.

Earlier this week, Martinez disclosed that Dogecoin network activity had dropped 95%. Specifically, the number of active addresses on the network has fallen from highs of nearly 1.3 million in November 2024 to about 130,000.

The dried-up demand comes as recent uncertainty sparked by inflation and trade war concerns have sent investors risk-off, leading to a flight of capital from speculative assets like memecoins.

Amid these uncertain conditions, Dogecoin has plunged over 59% from December 2024 highs of $0.48442 to lows of $0.19564.

Nonetheless, analysts remain optimistic about the chances of a near DOGE rally to stratospheric heights. In the latest instance highlighting this, highly followed crypto analyst “CryptoELITES” has recently suggested that DOGE is set to rally to the $5 price point, citing a bullish cup and handle pattern.

However, the memecoin is exchanging hands for $0.20 at the time of writing.