The DOGE price top could be in, despite constant endorsements from Elon Musk and the general outperformance from most memecoins.
Dogecoin (DOGE) futures open interest surged to an all-time high of $4.6 billion on Nov. 23, eclipsing the previous record by 100%. This escalation indicates a significant increase in leverage demand and is notable since DOGE was trading 35% below its peak of $0.74 from May 2021.
Traders are concerned that the 224% rally in DOGE from Nov. 3 to Nov. 23, driven by derivatives, might signify a cycle top, reminiscent of the price action seen in April 2024.
DOGE open interest (green) vs. DOGE/USD. Source: CoinGlass
