Dogecoin Open Interest Hits $959M as Bears Tighten Their Grip — Can DOGE Stage a Comeback?

Dogecoin is facing mounting pressure as its open interest declined to $959 million over the past 24 hours, marking a 2.4% drop according to the latest data from Coinglass. The slide came during a sluggish weekend session, compounded by a fresh wave of selling that swept through the broader crypto market on Sunday morning.

The selloff affecting Dogecoin is not an isolated event. Digital assets across the board have been retreating over the past week, largely because investors have been rotating capital toward equities linked to the artificial intelligence sector. With AI-driven stocks drawing significant attention and inflows, risk appetite for cryptocurrencies has taken a noticeable hit.

At the time of reporting, DOGE had fallen 2.20% in the preceding 24 hours, trading at $0.073. On a weekly basis, the losses are even steeper, with the token shedding roughly 12% of its value. The broader market also recorded approximately $141 million in total liquidations, underscoring the bearish mood gripping traders.

Several macro-level forces are weighing on the crypto space. Persistent outflows from spot ETF products and a Federal Reserve maintaining its hawkish monetary stance have kept sentiment subdued, even as traditional equity markets have been notching fresh highs. This divergence between stocks and crypto has left many digital asset holders frustrated.

Dogecoin touched a multi-year low of $0.071 on June 23, a level not seen since November 2023. For the month of June alone, DOGE has shed nearly 27% of its value, capping off what has been a difficult quarter for the cryptocurrency market as a whole. With only two days remaining before the close of the first half of 2026, this weekend effectively draws the curtain on a weak six-month stretch. Notably, Dogecoin has logged just a single green month throughout all of 2026 so far.

Technical indicators are now flashing extreme oversold signals. The daily Relative Strength Index (RSI) for Dogecoin has dropped below the 30-level threshold — widely considered oversold territory — and currently sits at 24. While a reading below 30 does not automatically guarantee a reversal, markets have historically shown a tendency to bounce when RSI reaches such depressed levels.

That said, analysts note that oversold conditions must be confirmed by follow-through price action before a genuine recovery can be declared. A relief rally remains a possibility given how stretched the downside has become, but traders will be watching carefully as Q3 2026 kicks off to determine whether momentum can shift or whether the bearish trend that has characterized recent quarters will persist into the second half of the year.