Dogecoin’s open interest is in focus, with this crucial metric highlighting the amount of interest that the top meme coin is getting at the moment. This comes as DOGE continues to struggle below the psychological $0.2 level, providing a bearish outlook for the meme coin. Dogecoin Open Interest Averages $2 Billion In June Coinglass data shows that Dogecoin open interest (OI) has been hovering around $2 billion since the start of this month. This represents a drop from the open interest recorded in May. DOGE’s OI had climbed to as high as $3.07 billion on May 11 as the meme coin’s price surged to $0.25. Related Reading: Forget Dogecoin At $1: Price Could Rally To $12 If History Repeats Itself This drop in Dogecoin open interest can be attributed to the drop in DOGE’s price since then. The meme coin began the month below the psychological $0.2 level, which has sparked bearish sentiments. Open interest refers to the amount of interest in the derivatives market for a particular asset. As such, a drop in this metric is usually bearish. However, it is worth ..
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