Dogecoin DOGE$0.07006 traders are putting more money behind leveraged bets even as DOGE struggles near 7 cents, creating a growing mismatch between weak prices and rising risk-taking in the futures market.
Open interest, the value of futures contracts still outstanding, has climbed to about $1.21 billion from roughly $930 million in late June, according to CoinGlass. DOGE fell almost 3% over the past 24 hours and is down nearly 70% over the past year.
The scale of the speculation is easier to see when measured in coins rather than dollars.
Open interest currently stands at 17.18 billion DOGE, against 17.78 billion in October 2025, when the token traded near 25 cents. Speculative positioning has almost fully rebuilt in coin terms even though each of those coins is worth less than a third of what it was.
Futures let traders borrow to take a bigger position than their money would otherwise buy. Open interest rising means new leverage is entering the market, though on its own it says nothing about which way those traders are betting.
