Dogecoin Open Interest Crashes 66.5% In One Month, What Does This Mean For Price?
Release: 2024/05/04 07:00 Reading: 428
Dogecoin Open Interest Suffers 66.5% Crash
The Dogecoin open interest has witnessed a significant decline over the past month, raising concerns about the future of the meme coin. It has plummeted from its March all-time highs and returned to the low levels of early February.
Dogecoin Open Interest Falls 66.5%
In March, Dogecoin's open interest surged to a record high of $1.91 billion after a period of steady growth. This was accompanied by an increase in the DOGE price as investors flocked to participate in the rally. The upward trend continued into early April, but the price has since reversed course.
According to Coinglass data, on April 1st, the total Dogecoin open interest stood at $1.87 billion. However, within a week, it had declined by $600 million. The decline persisted throughout April, and by month-end, the open interest had fallen to $763 million.
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Bearish Trend Continues in May
The bearish trend of April has carried over into May, leading to a continuous decline in open interest. At the time of writing, the total Dogecoin open interest sits at $625.7 million, a staggering 66.5% crash from its $1.87 billion level just a month ago.
The last time Dogecoin's open interest was this low was towards the end of February. However, it remains significantly higher than its January lows, when it was trending below $300 million. Notably, the DOGE price is also higher, suggesting that the past few months have been relatively positive for the meme coin.
Impact on DOGE Price
Historically, a sharp drop in open interest has often been followed by a decline in the cryptocurrency's price. Dogecoin has followed this pattern, with its price plummeting by almost 50% as bears continue to dominate the market.
If the DOGE open interest continues to decline, investors can anticipate a further drop in price. Such a crash could push Dogecoin below the $0.12 support level, potentially triggering a downward spiral.
Conversely, if the open interest recovers, a price reversal is also likely. This will largely depend on the performance of Bitcoin, but as interest grows and traders take more positions, it could provide an opportunity for Dogecoin to rebound.
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