- Dogecoin’s open interest surged to $1.3B in 24 hours, driven entirely by perpetual contracts—indicating rising short-term speculative trading.
- Most trading activity is happening on Binance and Bybit, while OKX and Coinbase are seeing the highest net money inflows, suggesting shifting momentum.
- Despite unclear direction (long or short), the spike in open interest suggests DOGE is primed for a major price move soon, keeping it at the top of the meme coin sector.
Dogecoin’s been getting a lotta love lately. Over the last 24 hours, its open interest (OI) shot up to a hefty $1.3 billion. That’s a 5.24% jump, according to fresh data from Coinalyze—and it’s stirring up talk across crypto circles.
Short-Term Players Are Driving the Hype
So what’s the big deal with open interest? Basically, it tracks how much cash is sitting in the market. When it rises, it usually means more folks are opening new positions, and that kinda heat can tilt the price either way. Now here’s the kicker: all of that $1.3B in OI came from perpetual contracts.
These are the no-expiry type of futures that traders love ’cause they let you ride price swings indefinitely—without all that contract rollover nonsense. What this really points to? A swarm of short-term speculators flooding into DOGE trades, betting big on fast moves.
Binance, Bybit Rule the Market, But OKX’s Gaining Ground
Now if you peek at the breakdown, Binance leads the charge with $581M of DOGE OI, followed by Bybit at $410M. OKX grabs third spot with $244M. Other players like Kraken, BitMEX, and Huobi? Yeah, they’re trailing behind with smaller slices of the pie.
So the action’s mostly happening on just a few platforms. And even though we can’t say for sure who’s going long and who’s short, that 5% jump tells us one thing—something’s about to give.
New Inflows Signal Shifting Momentum
In the past few hours, Binance clocked the highest DOGE trading volume at $18.57M. OKX wasn’t too far behind, pulling in $10.97M. Kraken, Coinbase, and Bybit followed with numbers hovering between $4.3M and $5.1M.
But when you look at where the new money is flowing? It’s OKX and Coinbase leading the pack—$1.33M and $1.25M in net inflows, respectively. Binance and the others? Kinda quiet.
DOGE Still Rules the Meme Coin Kingdom
Even with all this movement, Dogecoin’s still wearing the crown in meme coin land, with Shiba Inu hanging out in second. The way OI and inflows are shaping up, the DOGE chart might not stay calm for long. Traders should probably buckle up.
