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Dogecoin (DOGE), the king of meme coins, has recorded a sudden 7% spike in a final optimistic push before 2025 closes. CoinGlass data shows that in the last 24 hours, open interest soared to $1.52 billion as 12.25 billion DOGE were committed to the coin’s futures market.
Dogecoin's open interest trend
Notably, the spike in open interest suggests positive anticipation of a major price rebound. Generally, open interest provides insight into the demand for the meme coin.
The current surge suggests that investors are betting on an uptick that could see the meme coin hit new levels.
This optimism, however, contrasts with reality on the meme coin market as Dogecoin has lost nearly 1% over the last 24 hours, and it is underperforming the broader crypto market. As of press time, Dogecoin was changing hands at $0.1227, which represents a 0.8% decline.
Dogecoin’s trading volume has also plunged by a significant 28.18% to $651.63 million within the same time frame. DOGE’s chart signals panic-selling among investors amid pressures from the broader crypto market.
The Relative Strength Index (RSI) of the asset is at 38, signaling oversold conditions, but there is no bullish divergence yet. It is likely that the oversold condition might have sparked the spike in open interest as traders hope for an upward reversal.
Most of the traders backing Dogecoin are on the Gate exchange, with a total of $418.3 million, or 3.40 billion DOGE, committed to the asset. Other top exchanges with significant commitment include Binance, Bitget, OKX, LBank and Bybit.
Binance has a total of 19.39% of the total open interest, or $292.12 million, followed by Bitget with a distant 9.8%, or $147.72 million. OKX, LBank and Bybit managed 9.65%, 8.34% and 7.72%, respectively.
Is Dogecoin at risk of adding zero?
Dogecoin recorded a massive price plunge in 2025 as DOGE slipped by 62% in the last 365 days.
The king of the meme coins has underperformed as it has closed in the red since September to date, leaving investors disappointed.
It is worth mentioning that DOGE was not alone, as most meme coins struggled with fluctuation. Shiba Inu (SHIB), for instance, plunged by 67.5% and even added a zero that it has not been able to shake off.
Dogecoin stands the same risk of adding an extra zero as it is now trading around a crucial support of $0.128. According to renowned market analyst Ali Martinez, if the meme coin registers intense sell pressure going forward, it could plunge to $0.09.
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