Dogecoin futures activity surpassed that of Bitcoin, Ethereum and XRP on Thursday, with open interest climbing 5.09% and daily volume surging nearly 44% to $3.99 billion. The meme coin was one of the few major assets in positive territory, trading near $0.11328 — up 1.03% over 24 hours.
The numbers
While Dogecoin's open interest rose to $1.79 billion, Bitcoin's slipped 0.36% and Ethereum's edged up just 0.94%. XRP's open interest fell 2.52%. Prices for those three tokens all declined, with Bitcoin and Ethereum down about 1.46% each. Solana took the hardest hit: open interest dropped 5.96% and its price fell 4.21%.
Why Dogecoin is moving
Crypto analyst Jonathan Carter noted that Dogecoin broke out of a descending channel on the daily timeframe. His next price targets sit at $0.135, $0.153, $0.182 and $0.206. The breakout comes as the broader market struggles to hold recent gains.
Leverage risk
Rising open interest can amplify both gains and losses. If the market turns quickly, forced liquidations could hit if DOGE loses key support. That dynamic makes the current rally fragile, even if the momentum looks bullish on the charts.
For now, traders are watching whether Dogecoin can hold above its breakout level. The first major test is $0.135, Carter said.
