Dogecoin futures OI at record highs: Are long liquidations tipping the scales? – BitRss

• The DOGE futures market has seen more activities in the last few weeks.
• Its funding rate has remained positive despite increased liquidations.

Dogecoin’s [DOGE] futures open interest has reached an all-time high, signaling heightened market activity and sparking speculation about the potential trajectory of the popular cryptocurrency.

The surge in derivatives positions coincides with DOGE’s impressive price rally over recent weeks, raising questions about whether this marks a pivotal moment for the asset.

Dogecoin futures open interest and market sentiment

Data from Coinglass highlights the unprecedented levels of open interest in Dogecoin futures, driven by increased participation from retail and institutional traders.

The analysis showed that the DOGE open interest hit $4 billion recently for the first time. Although it has declined to around $3.4 billion as of this writing, it is one of its highest points in history.