Data from blockchain analytics firm Glassnode shows that the Dogecoin Futures Open Interest has continued to rise despite the recent pullback in the memecoin’s price.

In a recent X post, the firm explained that this metric tracks the total amount of futures positions related to an asset that are currently open on all centralized derivatives exchanges. When the value of this indicator goes up, it means that investors are opening up more positions on the market.

Usually, the total leverage present in the sector goes up when new positions appear, and this kind of trend can lead to more volatility for the asset’s price. On the other hand, the indicator observing a decline suggests that the holders are either closing up positions of their own volition or getting liquidated by their platform. Typically, the cryptocurrency becomes more stable following such a trend.

This is how the trend in the Dogecoin Futures Open Interest has looked over the last few months:

The above chart shows that the Dogecoin Futures Open Interest has seen a huge increase recently, a sign that investors have put up a large number of bets related to the memecoin. Over the past week alone, the metric’s value has gone up from $989 million to $1.62 billion, which implies growth of almost 64%.

Initially, this strong uplift in speculative activity coincided with DOGE’s sharp recovery rally, which saw the memecoin rise from lows of $0.13 in late December to highs of $0.28 in mid-August. Investors usually find rallies to be exciting, so they tend to open up more positions on the futures market during them.

However, despite the fact that the Dogecoin rally has gone cool most recently and the price has even registered some pullback, the Futures Open Interest has only continued to move up.

“This decoupling suggests persistent speculative positioning, even as price momentum fades – a setup worth monitoring,” the analytics firm notes.

Dogecoin Futures Open Interest Is Still Up Despite Price Pullback

This isn’t the only cryptocurrency that has seen a boost in speculative activity recently. According to Glassnode, XRP has also seen its Futures Open Interest shoot up.

During the same window as Dogecoin's Open Interest increased by 63.8%, XRP observed the indicator go up by 41.6%, rising from $2.4 billion to $3.4 billion.

“This sharp increase in leverage coincides with a price rally from $2.14 to $2.48, suggesting elevated speculative activity and growing directional conviction. As leveraged products become more prevalent, they can contribute to both the velocity and magnitude of price trends, especially during periods of heightened enthusiasm or directional preference within the market