Dogecoin (DOGE) has continued to trend downward, yet futures open interest has surged, signaling aggressive bets on investors hoping for a rebound. The price fell about 3% as open interest rose 1.32% over the past 24 hours, suggesting a near-term recovery ahead. Notably, Binance and Gate.io traders account for the largest share of open interest, helping to drive upward momentum. Spot-market indicators remain weak, with DOGE in a steep correction since early in the month and most trading days in a downtrend.
DOGE has given back all gains for 2025, posting a -16.2% return in December. From a technical standpoint, the short-term moving average remains below the long-term moving average, with a death cross still in effect. The price is trending lower even as open interest rises, indicating a potential for heightened volatility in the near term. As DOGE investors place one last bet ahead of year-end Santa rally hopes, market focus is on whether futures-driven fund inflows will translate into a tangible price rebound.
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