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.

區塊鏈分析公司GlassNode的數據表明，儘管Memecoin的價格最近回調，但Dogecoin期貨的開放興趣仍在繼續上升。

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.

在最近的X帖子中，該公司解釋說，該指標跟踪與當前所有集中式衍生品交易所開放的資產相關的期貨頭寸總數。當該指標的價值上升時，這意味著投資者正在公開市場上的更多職位。

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.

通常，當出現新職位時，該行業中存在的總槓桿率會增加，並且這種趨勢可能導致資產價格的波動性更高。另一方面，觀察下降的指標表明，持有人要么關閉自己的意志，要么被平台清算。通常，隨著這種趨勢，加密貨幣變得更加穩定。

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

這就是過去幾個月中，Dogecoin Futures Open興趣的趨勢：

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%.

上圖表明，Dogecoin Futures Open興趣最近有了很大的增長，這表明投資者已經下了大量與Memecoin有關的賭注。僅在過去一周中，度量標準的價值就從9.89億美元增加到16.2億美元，這意味著增長了近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.

最初，這種投機活動的強烈提升與Doge的急劇恢復集會相吻合，該集會使Memecoin從12月下旬的低點上升到8月中旬的0.28美元。投資者通常會發現集會令人興奮，因此他們傾向於在期間在期貨市場上開設更多職位。

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.

然而，儘管Dogecoin集會最近變得很酷，而且價格甚至降低了一些回調，但Futures Open Isport仍在繼續上升。

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

Analytics公司指出：“這種脫鉤錶明，即使價格動量逐漸消失，也值得監視的設置，這表明持續的投機定位。”

Dogecoin Futures Open Interest Is Still Up Despite Price Pullback

儘管價格下跌，但Dogecoin期貨期貨開放興趣仍在上升

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.

這並不是最近唯一提高投機活動的加密貨幣。根據GlassNode的說法，XRP還看到了其未來的開放興趣。

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.

在與Dogecoin的開放興趣增加63.8％的窗口中，XRP觀察到該指標上升了41.6％，從24億美元上升到34億美元。

“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

“槓桿率的急劇增加與價格從2.14美元升至2.48美元相吻合，表明投機活動升高和定向信念增長。隨著槓桿產品變得更加普遍，它們可以促進價格趨勢的速度和幅度