11.07 Billion Dogecoin in 24 Hours, Futures Traders Not Making Difference

Dogecoin Traders Attempt to Revive Meme Coin Amidst Broader Crypto Downturn

As the cryptocurrency market faces a widespread decline, Dogecoin (DOGE) traders are making efforts to spark a price recovery. According to CoinGlass data, the meme coin's open interest market has dropped by 12.57% in the past 24 hours, signaling significant market distress.

Open interest—the total number of outstanding derivative positions—currently stands at 11.07 billion DOGE, valued at $2.09 billion. Despite the overall downturn, Dogecoin's open interest has shown recent signs of life, increasing by over 2% in the past hour and 0.9% over the last four hours.

This metric serves as a key indicator of Dogecoin's market health, which currently reflects an extended price slump. CoinMarketCap data shows DOGE trading at $0.1932, down 5.13% in the past day.

The sell-off isn't isolated to Dogecoin. Other altcoins, including XRP, have faced significant liquidation imbalances, with XRP experiencing a 181% imbalance in the past 24 hours. Fellow meme coins like Shiba Inu and PEPE have also suffered notable losses.

Despite the downturn, optimism remains for Dogecoin's long-term prospects, particularly with growing interest in a potential DOGE ETF. Firms such as Canary Capital and Grayscale Investments are leading the charge with multiple filings to list and trade a Dogecoin ETF.

While approval isn't guaranteed, a DOGE ETF could become a major altcoin investment vehicle for U.S. institutional investors. Though short-term price impacts may be limited, such a development could fuel a sustained rally for the meme coin in the future.