#我的七夕交易分享 Dogecoin Open Interest Returns Near Peak Levels, Bulls Hold Absolute Advantage

Even as DOGE struggles around 7 cents, traders are still putting more capital into leveraged bets, creating an increasingly wide mismatch between weak prices and rising risk appetite in the futures market.
Data shows that DOGE open interest—the total value of futures contracts that have not yet been closed—has climbed from approximately $930 million at the end of June to about $1.21 billion currently. DOGE has fallen nearly 3% over the past 24 hours and is down close to 70% over the past year.
The scale of this speculation is more evident when measured by the number of tokens rather than their dollar value.
DOGE-denominated open interest has rebounded to 17.18 billion tokens, slightly below the 17.78 billion tokens recorded in October 2025—even though DOGE is now trading at around 7 cents, compared with 25 cents at the time. Speculative positions measured by token count have almost fully recovered, despite each token being worth less than one-third of its former value.
Rising open interest means new leveraged capital is entering the market, but it does not by itself indicate the specific direction of these traders’ bets. However, account ratios provide considerable insight. On the crypto exchange bn, the number of accounts holding DOGE long positions—betting on a price increase—is more than three times the number holding short positions—betting on a price decline; on the OK exchange, the ratio is even higher than five to one.
Although this does not mean that the amount of capital betting on a price increase is three times larger, it shows that more traders have chosen the bullish side as prices continue to decline.
However, if DOGE falls further, these positions will become pressure points. When the collateral for leveraged bets is exhausted, the positions are automatically liquidated by exchanges, meaning they are sold on the market, and the concentration of these liquidation orders can bring new selling pressure to an already declining market.$DOGE ‌