Key facts
- Dogecoin's price has fallen to approximately 7 cents, down nearly 70% over the past year.
- Open interest in DOGE futures has risen to $1.21 billion.
- Speculative positions in coin terms are nearing levels last seen in October 2025.
- Long positions significantly outweigh short positions on exchanges like Binance and OKX.
- The high ratio of long to short positions increases the risk of forced liquidations.
Dogecoin's price has fallen to approximately 7 cents, representing a nearly 70% decrease over the past year. Despite this significant decline, speculative activity in Dogecoin futures has surged, with open interest climbing to about $1.21 billion. This level of open interest, when measured in the number of coins, is approaching figures seen in October 2025, when Dogecoin traded at a much higher price point of around 25 cents.
Data from CoinGlass indicates that open interest has increased from roughly $930 million in late June to its current $1.21 billion. The ratio of long positions (bets on price increases) to short positions (bets on price decreases) is heavily skewed towards longs on major exchanges like Binance and OKX, with ratios of over three to one and five to one, respectively. While this does not directly equate to the amount of money bet on price increases, it suggests a greater number of traders are taking bullish stances even as the price declines.
This elevated level of leveraged betting creates a significant risk. If Dogecoin's price falls further, leveraged long positions that lack sufficient collateral could be automatically liquidated by exchanges. A cluster of such liquidations could trigger additional selling pressure, exacerbating any downward price movement. Currently, Dogecoin is trading at 7 cents, down 3% in Asian morning hours.