Dogecoin’s Open Interest Surges 5% Overnight!

What Next for Doge Price?

May 28, 2025

Dogecoin Price Analysis: Momentum Favors Further Gains

Dogecoin (DOGE) has seen a significant jump in market activity. Over the last 24 hours, its open interest surged by 5.24%, reaching $1.3 billion, all through perpetual contracts.

Binance and Bybit Hold the Biggest Shares

According to Coinalyze, Binance currently leads the market with $581 million in Dogecoin open interest. Bybit follows with $410 million, while OKX holds $244 million. Other exchanges like Huobi, BitMEX, and Kraken have smaller shares of the market.

This concentration shows that most trading happens on a few major platforms. The growth in open interest indicates that more traders are entering the market, likely betting on the next move for DOGE’s price.

Currently Dogecoin Price is trading at $0.2240 according to Coinpedia Market data.

Perpetual Contracts Dominate

All of the $1.3 billion open interest comes from perpetual contracts. These contracts don’t expire, so traders can stay in their positions without rolling them over. This setup appeals to short-term traders looking to profit from price swings.

A rise in open interest, especially in perpetual contracts, suggests there’s growing speculation in the market. However, it’s unclear whether traders are betting on the price rising (long) or falling (short).

OKX and Coinbase See the Most New Money

In the last four hours, OKX and Coinbase led the pack in new DOGE money inflows. OKX attracted $1.33 million, while Coinbase brought in $1.25 million. In comparison, Binance, Kraken, and Bybit had lower net inflows.

Binance also had the highest DOGE trading volume at $18.57 million, followed by OKX at $10.97 million. Kraken, Coinbase, and Bybit had volumes between $4.34 million and $5.15 million.

Dogecoin remains a dominant player in the meme coin market, with Shiba Inu trailing behind. The sharp rise in open interest, driven by perpetual contracts, signals increased trader activity and speculation. The coming days will reveal whether this surge leads to a price jump or a dip.