DOGE Futures Open Interest Drops 8% Despite Golden Cross Holding Strong on Higher Timeframes

Dogecoin's futures market shows cracks as open interest slides—but the technical picture tells a different story.

Open Interest Takes a Hit

DOGE futures open interest dropped a sharp 8% this week, signaling cooling leverage among traders despite maintaining key bullish formations. The pullback suggests some profit-taking or risk reduction ahead of potential volatility.

Golden Cross Still Intact

Higher timeframe charts still flash that coveted golden cross, where the 50-day moving average surges above the 200-day. It’s the classic technical signal traders love to hype—even when the smart money is quietly trimming exposure.

Market Sentiment Split

Retail remains optimistic, clinging to chart patterns like horoscopes for crypto bros. Meanwhile, institutional players might be eyeing the exit—or just hedging bets before the next meme-fueled pump. Because in crypto, fundamentals are optional, but hopium is forever.

News Background

Market attention turned to Doge after a 900 million token transfer (valued at over $200 million) was tracked moving to Binance wallets. The move raised concerns about short-term sell pressure just as the token’s rally toward $0.25 ran into resistance. Meanwhile, on-chain data showed whales accumulated over 680 million DOGE in August—suggesting deeper-pocketed investors remain positioned for long-term upside even as near-term technicals weaken.

Macroeconomic context also weighed on sentiment. Risk assets pulled back following fresh trade policy headlines and hawkish central bank commentary. Futures open interest in DOGE dipped 8%, reflecting lighter speculative positioning despite the month’s whale activity.

Price Action Summary

• DOGE traded in a wide $0.02 range (8%) between $0.23 lows and $0.25 highs in the 24-hour period from August 24 at 06:00 to August 25 at 05:00.
• The key breakout occurred at 19:00 UTC on August 24, when DOGE spiked to $0.25 on 2.29 billion volume—multiple times the daily average.
• The move quickly reversed, with prices sliding to $0.23 and settling at $0.23 by session close, down 3% from the open.
• In the final hour (04:44–05:43), DOGE fell another 0.4% as heavy volume broke through $0.229 intraday support, hitting lows NEAR $0.228 before closing at $0.228.

Technical Analysis

•: Heavy rejection at $0.25 confirmed strong overhead supply, with 2.29 billion tokens traded at the peak.
•: Multiple retests anchored support near $0.23, though pressure persisted through late-session deterioration.
•: Range-bound consolidation ($0.228–$0.233) suggests buyers defending support but momentum favoring sellers.
•: Spikes of 10–12 million per minute during the 05:07–05:08 window signal institutional distribution.
•: A golden cross remains intact on higher timeframes, but immediate momentum skews bearish without a reclaim of $0.24.

What Traders Are Watching

• Whether $0.23 holds as durable support—loss of this level could open downside toward $0.21 psychological zone.
• Follow-through on whale transfers: more Binance inflows could intensify sell pressure, while further accumulation WOULD counterbalance.
• Futures positioning: OI contraction suggests sidelined leverage, but a rebound could fuel the next move.
• Macro backdrop: risk assets remain sensitive to central bank policy; dovish turns could provide relief rallies.
• Broader meme coin flows: correlation with SHIB and PEPE rallies remains a secondary driver of speculative flows into DOGE.