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DOGE Dogecoin prices have fallen by 70% in a year, but leveraged bets in the futures market have returned to October 2025 levels.
Dogecoin prices have fallen by about 70% in the past year and are currently hovering around 7 cents. At the same time, speculative positions in its futures market have returned to levels seen in October 2025. The open interest in DOGE futures reached US$1.21 billion, and the number of bullish investors far exceeded the bearish ones.
Despite the sharp decline in DOGE prices, the renewed recovery in risk appetite in the futures market is eye-catching. CoinGlass data showed that open interest in DOGE futures has risen to about $1.21 billion, well above the level of about $930 million at the end of June.
What is more noteworthy is not the dollar value of the position, but the level achieved by the size measured in terms of DOGE volume.
DOGE futures positions return to October 2025 levels
The number of open contracts in DOGE futures has risen to 17.18 billion DOGE. This level is very close to the 17.78 billion DOGE in October 2025, when Dogecoin traded for about 25 cents.
However, the situation today is completely different. DOGE is currently trading at about 7 cents, which means that the number of speculative positions in the futures market has returned to almost the same level, while Dogecoin is less than one-third of what it was then.
This situation suggests that despite falling prices, investors are turning back to leveraged DOGE trading.
Open interest here refers to the total amount of futures contracts that have not been closed. A rise in open interest may mean new leveraged inflows into the market, but this alone cannot be judged whether investors are bullish or bearish.
DOGE long positions far exceed short positions
Observe the direction of investors 'bets, and the situation becomes clearer. In Binanhang, the number of accounts holding long positions is more than three times that of short accounts. On OKX, the ratio even exceeds five to one.
This suggests that most investors in the market expect DOGE to rebound at current levels. However, the proportion of the number of accounts is not the same as the total market funds are distributed among long positions in the same proportion. Every futures contract has buyers and sellers, so the real signal here is that more investors are choosing to be on the bullish side.
If DOGE continues to fall, leverage risk may become a hidden danger
The real risk lies here. When the margin for a leveraged position is insufficient, the exchange will automatically close the position. In a market where long positions are dense, if DOGE falls further, it could lead to a large number of positions being liquidated at the same time.
These liquidations will put new selling pressure on the market and accelerate the decline. Therefore, DOGE's current situation can be interpreted from two different perspectives: if prices rebound, high long positions may accelerate; but if DOGE continues to fall, high leverage may turn into a wave of liquidation.
Dogecoin currently costs about 7 cents, down about 3% in the past 24 hours. Against the background of a slight rebound in other parts of the market, DOGE's negative divergence performance is also attracting attention.
In short, there is a significant divergence between the price of dogcoin and the futures market. DOGE has depreciated by about 70% in the past year, while the number of open contracts is close to October 2025 levels. The key question now is whether this speculation will trigger a new DOGE rally or lead to a more serious liquidation amid a potential decline.
This content is based on general market data and does not constitute investment advice. It is recommended that you conduct your own research.
