As the combined crypto market continues to slide, Dogecoin (DOGE) traders have generally made a move to stir revival in the coin’s price.

CoinGlass data shows a massive slip in the open interest market for the top meme coin. As of writing, this metric is down by 12.57% in the past 24 hours. This shift is a sign that the broader ecosystem is in serious distress.

Dogecoin leveraged traders stunned

Open interest is the total number of outstanding positions in a derivatives market. For Dogecoin, traders have committed 11.07 billion DOGE, which is valued at $2.09 billion.

Despite the general shift, Dogecoin's open interest has shifted in the past few hours. Per the CoinGlass data, this metric has jumped by over 2% in the past hour, and over the trailing four-hour period, it has inked a 0.9% uptick.

Dogecoin open interest is an active tool that measures the health of the meme coin. For now, it reflects an extended drawdown in the altcoin price. According to data from CoinMarketCap, Dogecoin was changing hands for $0.1932, down by 5.13% in the past 24 hours.

The DOGE sell-off is encompassing, considering that other altcoins, including XRP, have suffered a 181% liquidation imbalance in the past 24 hours.

Dogecoin growth triggers unleashed

DOGE is not the only distressed digital currency in the market. Other meme coins like Shiba Inu and PEPE have also lost significant value within the same period.

However, the push for Dogecoin ETF is changing the general outlook for digital currencies. While not approved yet, the number of filings to list and trade DOGE ETF is growing, with firms like Canary Capital and Grayscale Investments leading the charge.

If approved, this will become one of the top altcoin ETF products available to U.S. institutional investors. Notably, while this product may not impact Dogecoin's price in the short term, it may drive its rally in the long term.