Amid the global market volatility, Dogecoin has slumped by nearly 3% in its trading price. However, its derivatives market is showing signs of a short-term recovery following a mild increase in its open interest over the last 24 hours.
Regardless of the downtrend in the price of Dogecoin, its investors have remained bullish as open interest has surged by 1.32% in the last 24 hours, according to data from CoinGlass.
Dogecoin traders commit 12,140,000,000 tokens
Following the surging interest witnessed within the Dogecoin derivatives market, open interest has spiked as investors committed up to 12.14 billion DOGE, worth about $1.49 billion, to the futures market.
While this volume appears to be relatively low compared to levels seen in previous quarters, the increase in the amount of funds invested over the last day signals the anticipation of ecosystem investors into the meme coin after multiple days of weakness.
The open interest refers to the sum of unsettled active futures contracts that investors have committed to Dogecoin. The decent increase shows that holders are anticipating an uptick in the coming days.
With more capital flowing into the Dogecoin derivatives market, Binance and Gate.io traders have driven the bullish momentum as they carry the highest volume of the open interest share in the market.
Dogecoin down 16.2% in December
Dogecoin has continued to witness a heavy correction since the beginning of the month, with its price trading majorly on the bearish trajectory on most days.
Following this weak performance, Dogecoin has lost all its 2025 gains and has recorded a negative return of 16.2% in December.
Despite the brief increase in its open interest, the weak momentum prevails as investors' confidence appears to be growing low.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team