Dogecoin (DOGE) is facing sharp cooling of the market after weeks of increased trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have collapsed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant withdrawal of derivative activities and participation in the spot market, suggesting that traders may be withdrawing from speculative positions as volatility decreases.
Dogecoin Open Interest Crashes Over 60%
Dogecoin’s open interest fell dramatically from the peaks in October, reflecting the rapid exodus bullion traders from the market. According to CoinGlass, the total exchange of DOGE futures Open Interest Pali over 62% from a peak of $5.03 billion on October 7th to $1.88 billion on October 28th. This represents a drop to approximately 9.41 billion DOGA, valued at $0.20 per token.
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Despite the decline in open interest, Binance, BitMEX and Bybit continue to lead as the leading exchanges with the highest Dogecoin futures activity. However, the decline was widespread across the stock markets. Kucoin it recorded the largest drop in the last few hours of 3.1%, followed closely by Bitget, which recorded a drop of 2.27%. Over the past 24 hours, Bitunix has seen the largest drop in Open Interest, down 15.86%, while Crypto.com has seen a drop of 7.36%.
Even Binancewhich consistently leads Dogecoin futures trading, has seen a significant pullback. CoinGlass reports that the exchange Open interest has peaked to $964.7 million on October 7, marking a monthly high. It has since fallen to $380.29 million (1.9 billion DOGE), a whopping 60.6% drop in just over three weeks.
Dogecoin is seeing an even worse drop in volume
Trading volume for Dogecoin reflects the collapse of Open Interest. CoinGlass data shows that the Dogecoin futures volume heatmap on major crypto exchanges is in the red zone. Total trading volume rose to $20.45 billion on October 11, after a devastating crypto flash crash on october 10thbut has since fallen to $5.31 billion as of October 28. This represents a drop of a whopping 74%.
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On individual exchanges, Binance’s DOGE trading volume fell by 9.35% in the last 24 hours, while OKX recorded a decline of 13.69%. CoinEx saw the largest decrease in volume at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported different declines of 4.96%, 20.37%, and 13.16%, respectively, overall market liquidity reduced.
However, several bourses bucked the downward trend, recording slight gains. dYdX recorded an increase in the amount of DOGE by 167.61%, HTX increased by 49.93%, and Hyperfluid increased by 23.88 percent. Bybit and MEXC also saw modest gains of 24.98% and 1.88% respectively.
Along with the drop in trading volume, CoinGlass is taking notice Dogecoin price performance slipped. Meme coin is currently trading at $0.20, down 13.19% over the past 30 days and down 2.86% over the past 24 hours.
Featured image from iStock, chart from Tradingview.com
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