The broader crypto market is slowly recovering from its recent crash, and with that, Dogecoin (DOGE) is back in the spotlight.

The meme coin’s open interest has skyrocketed overnight by 6% as it returns to its precrash levels. As of press time, futures traders have committed 8.42 billion DOGE to Dogecoin, signaling renewed interest across the board.

Dogecoin open interest justified

Drawing on its current open interest figures, which boast a valuation of $1.39 billion, traders do not mind risky exposure to the coin. However, volatility remains a major headwind, as price fluctuation threatens DOGE’s support.

At press time, the coin was trading for $0.1684, up by 5.13% in the past 24 hours. About 48 hours ago, Dogecoin faced a massive liquidation imbalance, which shows how unstable the market is. With the latest uptick, it has finally thinned out its weekly losses to under 16% as the push for a mainstream recovery intensifies.

Dogecoin open interest depicts a unique trend as the largest exposure by traders, worth 2.19 billion DOGE, is on the Binance (CRYPTO:BNB) exchange. To complete the top three crypto trading platforms hosting DOGE futures bets, including OKX and Bybit. This comes with 889.74 million DOGE and 1.38 billion DOGE, respectively.

Is Dogecoin ETF hype fading?

Despite the current market outlook, traders have reasons to remain hopeful for long-term DOGE bets. The Dogecoin ETF filing with the U.S. Securities and Exchange Commission (SEC) marks a positive catalyst for investors overall.

The current price is also considered a massive discount for DOGE. This is understandable, considering the coin has jumped to a high of $0.4835 in the past 12 months. Per the current outlook, analysts are convinced a DOGE rally is ahead.

While the market appears unstable, active Dogecoin addresses are growing drastically, showing users are gaining more exposure to the coin. With positive regulation driving the market, a major turnaround is expected in the long term.