Speculation on dogecoin is back to October 2025 levels. The price is down 70%
Futures positioning has rebuilt to levels last seen when dogecoin traded at three times today's price, and more than three accounts are betting on a rebound for every one betting against.
Dogecoin (DOGE) traders are increasingly taking leveraged bets, despite the cryptocurrency struggling near 7 cents, resulting in a growing disparity between falling prices and rising risk-taking in the futures market. Open interest, which refers to the value of outstanding futures contracts, has surged to approximately $1.21 billion, up from around $930 million in late June, according to CoinGlass.
DOGE's price has plummeted about 3% in the last 24 hours and has decreased nearly 70% over the past year. Measured in coins rather than dollars, open interest currently stands at 17.18 billion DOGE, mirroring the figure in October 2025 when the token was trading near 25 cents. Despite the reduced value of each coin, speculative positioning has largely rebounded in terms of the actual number of coins.
More than three accounts on Binance held long (betting on price increases) DOGE positions for every one holding a short (betting on price decreases), and on OKX, the ratio was above five to one. Although this does not necessarily mean three times the amount of money is betting on higher prices, as each futures contract has a buyer and a seller, it indicates that more traders are favoring the bullish side while the price continues to decline.
As these leveraged bets run out of collateral, exchanges automatically close them, leading to a cascade of selling in the market, which can further exacerbate the downward trend. DOGE is currently trading at 7 cents in Asian morning hours on Thursday, down 3%, while the rest of the market edged up slightly.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
