Dogecoin Open Interest Crashes To April Levels, Here’s What Happened Last Time

Dogecoin’s open interest has seen a significant decline over the past few months, and the latest push lower has sent the meme coin scraping April 2025 levels. The current trend mirrors the Dogecoin price decline that has persisted even during the Bitcoin price uptrend. Looking at the historical performance of Dogecoin over time, when the open interest has seen a significant crash, it is possible that the meme coin could see a quick bounce at current levels.

Where The Dogecoin Open Interest Is Sitting

Coinglass data points out how much the Dogecoin open interest has declined in recent times, after hitting new all-time highs back in the fourth quarter. The all-time high open interest for the cryptocurrency sits firmly at the $6.01 billion that was recorded back on September 13, showing the stark difference between where it was and where it’s sitting at right now.

The data aggregation website shows that the Dogecoin open interest is currently sitting at $1.8 billion, which shows a 70% decline over the last three months. The last time that the open interest was this low was back in April 2025, following Donald Trump’s tariff wars.

Crypto analyst KrissPas also highlights the Dogecoin open interest performance over this time, showing times where it has spiked this year. So far, the DOGE open interest has crossed the $5 billion mark a total of three times, but each time has ended up in a major crash.

KrissPax explains that the crash in open interest triggered by massive liquidations was a result of different developments. The first of these was the Donald Trump tariff announcements that triggered a major market crash. Next were exchanges and market makers, who inevitably triggered the second and third liquidations before the legendary October 10, 2025, crash.

There Is Still Hope

While the current trend points toward further decline in the Dogecoin price, historical performance suggests that it could bounce quickly. Looking back at the times when the Dogecoin open interest had trended this low, the resultant move has always been more of a bullish run.

This was the case following the April 2025 low, leading into another recovery that saw the price move from below $0.2 to $0.25 before the momentum weakened. Then again, a similar trend was recorded following the July 2025 low, with the Dogecoin price eventually rallying from below $0.2 to reach $0.29 before momentum ran out.

Going by the previous trend of at least a 20% increase in price following the open interest hitting a low, it could mean that the Dogecoin price could see another foray above $0.15. However, this also depends on the bitcoin market performance and how the broader crypto market responds.