Despite seeing its price decline, recent data shows that open interest for Dogecoin (DOGE) futures continues to rise. This suggests that the price drop has not been able to decrease speculative activity in the market.

According to analysis from Glassnode, an analytics firm, the number of bets on Dogecoin is still growing, even as the coin has drawn down.

Futures open interest, which measures the total open futures positions across all centralized derivatives exchanges, is an important indicator in understanding market sentiment. A rise in the value of this metric indicates that more investors are entering the market and placing bets, which can洨