Dogecoin Futures Activity Surges 772.4% Despite 1.32% Price Drop

Dogecoin has recently faced challenges in its price performance, experiencing a 1.32% drop over the past 24 hours. Despite this decline, the memecoin's futures markets have shown unprecedented activity, indicating a surge in speculation.

Data from Coinglass reveals that Dogecoin Options Volume has surged by 772.4%, reaching $201. Over the same period, Options Open Interest rose by 12.27% to $324.9K. Additionally, Dogecoin’s total Open Interest climbed by 1.26% in 24 hours to $1.55 billion. This spike in aggregated open interest, from $698 million to $713 million, reflects growing leverage and rising trader confidence in a potential price rebound.

While prices have not yet reacted to this increased speculation, it often hints at smart money positioning ahead of major directional moves. The question remains: will Dogecoin see a downward move or an upswing?

According to AMBCrypto’s analysis, investors are mostly optimistic and expect a move to the upside. Dogecoin is experiencing an increase in buying pressure, with the positive index making a bullish crossover on the daily charts. This indicates that there are more buy orders executed in the market than sell orders, suggesting that buyers are in control and reflecting growing demand.

Furthermore, Dogecoin’s traders are predominantly taking long positions. The Long/Short Ratio stands at 68.9% longs versus 31% shorts, according to Coinalyze. When longs dominate, it suggests that investors are bullish and expect prices to appreciate in the near term.

With buyers dominating the market and futures spiking, Dogecoin is beginning to show upward momentum. This build-up is evident as the memecoin’s Stoch RSI has made a bullish crossover over the past day, signaling a potential move to the upside as momentum strengthens.

The prevailing market conditions position Dogecoin for gains on its price charts. If the shift in momentum holds, Dogecoin will reclaim $0.164. However, if the attempt to the upside fails and becomes a breakdown, the memecoin could drop to $0.50.