Dogecoin (DOGE) is back in the spotlight after hitting a new all-time high in futures open interest. According to CoinGlass, DOGE futures open interest has surged to 16.24 billion DOGE, valued at $4.02 billion—an impressive 48% increase this month. This beats the previous record of 14.31 billion set back in January.
In the spot market, its price has jumped 47% this month, now trading above $0.24 after breaking a long-standing downtrend from its December high of $0.48. This breakout, combined with a move above the 200-day moving average, suggests the token may be starting a new bull market cycle.
Traders are clearly bullish, as the futures market shows a surge in leveraged long positions and positive funding rates. This indicates strong momentum, but also sets the stage for increased price volatility in the near term.
With investor confidence growing, its price action is being closely watched. Its breakout above key resistance levels and rising futures activity signal the potential for significant moves ahead, as traders bet heavily on further gains for the world’s favorite meme coin.
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