Doge Hits Record $4 Billion Open Interest with 48% Monthly Surge Signaling Strong Market Momentum

On July 18, data from Coinglass revealed that the total open interest for Dogecoin’s standard and perpetual contracts surged to an unprecedented 16.24 billion DOGE, equating to roughly $4 billion at prevailing market rates. This marks a significant 48% monthly increase, eclipsing the previous record of 14.31 billion DOGE set in January 2024. According to Coindesk analyst Omkar Godbole, open interest metrics serve as a critical indicator of market activity, with simultaneous rises in open contracts and price often signaling a robust trend confirmation. Presently, the Dogecoin perpetual contract funding rate remains in positive territory, underscoring sustained leveraged long positions. Such dynamics typically contribute to heightened price volatility, reflecting intensified speculative interest within the crypto derivatives market.