Dogecoin Drops 70%: 17.18 Billion DOGE Leverage Accumulates in Futures Markets

As speculation in the Dogecoin market returns to October 2025 levels, leveraged positions in futures are increasing despite the price dropping 70% over the last year.

The Dogecoin price is hovering around 7 cents during morning trading in Asia. While the cryptocurrency has lost about 3% of its value over the past 24 hours, the majority of the market is showing limited gains. Consequently, Dogecoin stands out as one of the day’s leading decliners.

According to CoinGlass data, open interest in Dogecoin futures rose from approximately $930 million at the end of June to $1.21 billion. Open interest represents the total value of outstanding futures contracts and indicates that new leveraged trades are entering the market.

Long positions dominate Dogecoin futures

The scale of speculation becomes even more striking when measured in DOGE quantity rather than dollars. Open interest currently stands at 17.18 billion DOGE. This figure is very close to the 17.78 billion DOGE level seen in October 2025, when Dogecoin was trading at approximately 25 cents. However, the token’s price is currently less than one-third of what it was then.

Exchange data also indicates that investors are leaning toward bullish positions. On Binance, the number of accounts holding long positions in Dogecoin is more than triple those holding shorts, while on OKX, the ratio exceeds five-to-one. Although these ratios do not directly reflect the amount of capital invested, they reveal that more investors hold a bullish outlook.

If the price decline continues, leveraged positions could pose a risk. Trades with insufficient collateral are automatically closed by exchanges, a process that can bring additional selling pressure to the market. The simultaneous closing of a large number of positions could create liquidation pressure that might accelerate the decline.