16,710,000,000 DOGE: Open contract volume unchanged raises suspicion

Dogecoin (DOGE) has recently fallen sharply by 2%, while its derivative market remains weak. Traders have committed about 16.71 billion DOGE to the derivative market, indicating speculative interest. Open interest, representing futures and options contracts that have not yet been settled, often reflects investor sentiment.

The increase in open contracts indicates optimism, but the unpaid futures contracts of DOGE fell to 3.83 billion USD on September 27, down 1.23% in 24 hours. This decline creates uncertainty as the token mostly remained in the red last week.

Although DOGE increased by 1.49% to 0.2291 USD and peaked at 0.2342 USD, bearish derivative activity has raised concerns about the sustainability of this rally. If open contracts recover along with attention from the DOGE ETF, the price may continue to rise, helping DOGE to re-establish its previous peak and set new targets.