The open contracts of Dogecoin have fallen from the peak in July to lower levels, with price drops continuing into August. This persistent decline is attributed to uncertain market headwinds causing price volatility, leading investors to adopt a more conservative stance. In this report, we will analyze the open contracts of Dogecoin and their performance over the past week, and predict potential price reversals.
The open contracts of Dogecoin still exceed 3 billion USD
Although the open contracts of Dogecoin have not yet surpassed their historical highs, the volume remains high. In January 2025, the open contracts for Dogecoin reached 5.5 billion USD, which remains its historical peak, and then began to decline. In July 2025, it briefly touched a peak but ultimately only reached 5.35 billion USD, after which it again presented a spiral decline trend.
After reaching a peak in July, the open contracts of Dogecoin have decreased by 40% entering August. However, so far, the open contracts remain at an average level of 3 billion USD, indicating that interest in this meme coin remains high.
As the volume rebounds from early August lows, Dogecoin's price seems to be recovering and is expected to maintain this momentum. Historically, periods of high volume often coincide with price increases, and this trend has continued to this day. This is particularly evident in recent volume fluctuations, as prices also followed suit.
Where is the DOGE price headed?
Looking back at Dogecoin's historical performance in August, it appears that the trajectory of this meme coin may be mixed. Coinglass data indicates that Dogecoin has closed down more times this month than in previous years, with a continuous decline over the past three years.
However, after a rapid rebound, Dogecoin has shown some bullish momentum this month, rising approximately 7% so far. If the prices of Bitcoin and Ethereum continue to rise, then this meme coin could potentially rise in tandem, with strong increases expected in August, similar to the post-2021 Bitcoin halving.
