Dogecoin Open Interest Plummets: Will Meme Coin Weather a Price Dip?

Dogecoin (DOGE) is experiencing heightened volatility as its open interest has dramatically declined, falling to $1.57 billion according to Coinglass data, marking a significant drop from its January 18 peak of $5.42 billion. This steep decline raises concerns about the meme coin’s short-term performance and investor sentiment in the crypto derivatives market. 24-hour trading data suggests DOGE is currently trading around $0.16, down over 2% in this period (source: CoinMarketCap). The significant pullback in open interest signals a cautious approach from traders, many of whom are taking a step back as broader macroeconomic uncertainty weighs on the market.