Dogecoin (DOGE) is facing a after weeks of heightened trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant and spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases. 

Dogecoin Open Interest Crashes Over 60%

dramatically from its October highs, reflecting a rapid exodus of from the market. According to CoinGlass, total exchange DOGE futures Open Interest has over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token.

Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest . Still, the downturn has been widespread across exchanges. recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction. 

Even , which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s at $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks.

Dogecoin Sees Even Worse Decline In Volume

Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total trading volume had spiked to $20.45 billion on October 11, following the devastating , but has since plummeted to $5.31 billion as of October 28. This represents a whopping 74% decline.

On individual exchanges, Binance’s by 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall . 

However, a few exchanges bucked the downward trend, recording slight gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. 

Alongside its decline in trading volume, CoinGlass notes that has slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours.