Dogecoin Open Interest Drops $1.7 Billion as Meme Coin Struggles

Dogecoin (DOGE), the original meme coin, is facing a steep decline as open interest drops by $1.7 billion. Over the past week, DOGE has lost nearly 16% of its value, making it one of the worst-performing major cryptocurrencies

Dogecoin Faces Market Downturn Amid Meme Coin Selloff

Dogecoin investors are witnessing a sharp decline in both price and market confidence as the meme coin struggles to maintain momentum. The asset, which once thrived on retail enthusiasm, is now among the worst performers in the top 20 cryptocurrencies.

According to data from CoinGlass, open interest on DOGE now stands at approximately $3.8 billion, down significantly from its record high of $5.5 billion on January 17. Open interest refers to the total value of unsettled futures contracts, often serving as an indicator of trader confidence and market activity.

At the time of writing, Dogecoin’s price hovers around $0.32, marking a 4% decline in the past 24 hours. Over the last seven days, the meme coin has plunged nearly 16%, trailing only Sui (SUI) as the second-worst performer among the top 20 cryptocurrencies.

Tech Selloff and AI Hype Impact Crypto Markets

Broader crypto markets have faced significant turbulence, largely triggered by an investor exodus from tech stocks. The emergence of DeepSeek, a Chinese AI model, has fueled concerns over potential shifts in the AI sector, causing a ripple effect that extended into digital assets.

Bitcoin (BTC) saw a brief recovery, but high-volatility assets like meme coins continue to struggle. As risk appetite diminishes, Dogecoin and other meme tokens have suffered heavier losses compared to blue-chip cryptocurrencies.

Meme Coins Take a Hit: TRUMP and Bonk Decline

Dogecoin isn’t the only meme coin facing a tough week. Trump (TRUMP), a Solana-based meme coin associated with former U.S. President Donald Trump, has nosedived by over 37%, now trading at $27.

Meanwhile, Bonk (BONK)—another leading Solana meme token—has experienced a 30% drop over the past seven days. These losses serve as a reminder of the meme coin market’s extreme volatility, where rapid gains can quickly turn into steep losses.

Will Dogecoin Rebound?

Despite the current downturn, Dogecoin remains one of the most recognized cryptocurrencies in the market. However, with declining open interest and market sentiment, traders remain cautious. The coin’s future trajectory will likely depend on broader market conditions and renewed retail interest.

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