DOGE’s Hype Fizzles Out as Speculators Exit – What’s Next?
The total open interest in DOGE futures has plummeted to $1.87 billion, a stark contrast to its January peak of $5.25 billion. This sharp decline suggests that speculators are pulling out, signaling a fading enthusiasm for the popular memecoin.
Even the appointment of Elon Musk—once Dogecoin’s biggest cheerleader—to a high-profile position in Trump’s administration hasn’t been enough to reignite excitement. While Musk’s tweets once fueled DOGE’s price surges, the billionaire has increasingly distanced himself from the crypto space.
“I’m not really involved in cryptocurrency anymore,” Musk admitted in October. “I joke about Dogecoin simply because I like it.”
DOGE Still Holding Strong, but the Memecoin Market Suffers
Despite the downturn, DOGE remains one of the most enduring memecoins, maintaining impressive trading volumes—over $2 billion in the last 24 hours. However, with the broader memecoin sector facing a significant slump, investors are retreating from risky assets at an accelerated pace.
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