Dogecoin traders are showing significant interest in futures contracts, even though the price of the coin has dipped slightly. The divide between price volatility and betting activity is attracting attention.

Future interest rates rise despite falling prices

According to blockchain data provider Glassnode, open interest in Dogecoin futures has risen from nearly $990 million to $1.62 billion this week. This increase came after the price dropped back from nearly $0.25 to the $0.22–$0.23 range.

This is a sign that traders are still making big bets, even as the momentum has cooled. Back in mid-February, open interest fell below $900 million in April when Dogecoin dropped after a brief spike above $0.23. This week's surge has broken the previous trend.

Prices rise and fall slightly

Based on reports, Dogecoin rose from about $0.16 on May 6 to over $0.24 on May 11. That is a strong increase in just a few days. After that, the price fell back to the $0.22–$0.23 range. Overall, traders have seen higher highs and lower lows. They still maintain confidence that the bullish trend is intact.

Bullish funding rate signal

The funding rate remains positive, indicating that futures traders are mainly buying. Data from Coinglass on May 13, 2025, shows the rate at 0.0100% on BitMEX, HTX, Gate.io, and Bitget. Binance and OKX are slightly lower, at 0.0036% and 0.0034%.

These numbers mean that long-term holders have to pay a small fee to short sellers. This setup may drive a price surge. But if the price drops, it could become costly for those traders.

Support levels are being monitored

Market analyst Rekt Capital points out that Dogecoin closed above the old halving resistance level on the weekly chart. That level is currently near $0.22 and serves as a support level. If DOGE maintains that position, the coin could aim for at least $0.27 next. Failing to hold above $0.22 could shake some of the most stressed positions.

Overall, the combination of rising futures activity and light pullback creates a tense backdrop. On one hand, there is still a strong bullish trend. On the other hand, overly biased positioning could lead to a shakeout.

Traders will monitor weekly closing levels around $0.22 to see if the support level holds. If it does, a bullish move to $0.27 could happen. If not, short sellers may dominate and push prices lower. Either way, volatility is likely to remain high as Dogecoin's rollercoaster ride continues.