Open interest in Dogecoin futures rose another 5.09% on May 14, reaching $1.79 billion, according to CoinGlass data.
At the same time, trading volume jumped by 81.62% to $3.99 billion.
Open interest in DOGE futures. Source: CoinGlass
Compared to the largest cryptocurrencies, there was almost no such dynamic in the market.
Open interest in bitcoin fell by 0.36% over the day, Ethereum added only 0.94%, while Solana and XRP actually went negative by 5.96% and 2.52%, respectively.
At the same time, all four assets traded in the red zone throughout the day.
DOGE stood out as noticeably more resilient. The coin's price remained around $0.115 and gained about 1% over the day.
Just a week ago, open interest in Dogecoin was around $629 million, but since then the figure has nearly tripled.
Speculative Capital Is Simply Flowing Within the Market
The total crypto market volume on May 14 remained around $2.8 trillion. At the same time, no money left the market; traders simply began shifting more actively from BTC and ETH to more volatile assets like Dogecoin.
A similar situation has happened before. During previous cycles, especially in 2021 and at certain times in 2024, interest in memecoins spiked precisely when bitcoin and ether were stuck in a sideways trend for a long time.
See Also: Bitcoin Approaches Key Resistance Around $85,000
But such moves usually overheat quickly, especially when the market is heavily leveraged.
According to Intellectia.AI, open interest in DOGE now stands at about 15.13 billion tokens, equivalent to around $1.67 billion.
Analysts specifically highlight the $0.11 level as important support. If DOGE falls below this mark, a chain of liquidations on overleveraged positions could begin in the market.
Leverage Can Sharply Amplify Market Moves
At the same time, a large number of leveraged positions are now working in both directions.
According to market data, open interest in perpetual DOGE futures is around $1.71 billion.
The technical picture still allows for further growth. Analysts note that Dogecoin may again test the $0.12 area.
Additional short-term upward support is now provided by the 50-day and 100-day exponential moving averages.
DOGE held above the $0.11 level and tested resistance around $0.12. Source: TradingView
But a large amount of leverage can quickly work against the market.
During previous memecoin pumps, futures activity grew faster than real spot demand. When traders started closing positions, the market quickly lost momentum.
Now, much will depend on whether interest in DOGE translates into real spot buying. This will determine whether the rally can continue further.
