11.07B DOGE Moved Amid Derivatives Dip — ETF Hopes Fuel Long-Term Vision

Despite heavy DOGE trading volume, futures markets show fading leverage interest. Still, growing DOGE ETF interest may reshape the long-term outlook.

As the overall crypto market faces increasing bearish pressure, Dogecoin (DOGE) traders are showing signs of trying to reverse the current trend. According to data from CoinGlass, the meme coin’s open interest has witnessed a sharp decline—dropping by 12.57% within the past 24 hours. This indicates weakening confidence in leveraged positions and suggests that market-wide distress is taking its toll on DOGE’s derivatives market.

Currently, leveraged traders have placed bets amounting to 11.07 billion DOGE in open positions, valued at around $2.09 billion. Despite this hefty commitment, sentiment remains fragile.

Interestingly, while the broader downtrend dominates, there have been small yet notable fluctuations in Dogecoin’s open interest throughout the day. Within the last hour, open interest rose slightly by more than 2%, and in the previous four-hour span, it registered a modest 0.9% uptick. These figures suggest an ongoing tug-of-war between bulls and bears, with short-term optimism flickering in a mostly cautious atmosphere.

Open interest remains a valuable indicator for understanding market behavior, especially for meme coins like Dogecoin. As of this writing, DOGE is trading at approximately $0.1932—a 5.13% decline over the last 24 hours, based on CoinMarketCap data. This decline reflects a broad wave of selling that has swept across altcoins, with XRP also recording a staggering 181% imbalance in liquidations during the same time frame.

The weakness isn’t isolated to DOGE alone. Fellow meme-based assets such as Shiba Inu (SHIB) and PEPE have also experienced considerable price erosion, highlighting the fragility in this speculative sector.

However, all eyes are on the potential catalyst that could redefine DOGE’s trajectory: a spot ETF. The push for a Dogecoin-based exchange-traded fund is gaining traction, even though regulatory approval is still pending. Multiple major firms, including Canary Capital and Grayscale Investments, are actively filing proposals to list and trade DOGE ETFs.

Should regulatory bodies greenlight these ETFs, Dogecoin could emerge as one of the most widely accessible altcoin-based financial products for institutional investors in the U.S. While the immediate impact on DOGE’s price might be limited, the long-term implications could be transformative. An ETF could help stabilize the asset, attract institutional capital, and reinforce Dogecoin’s standing in the evolving digital asset ecosystem.

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