Despite the price cooling

Even though Doge's price has fallen back from its highs, futures activity for assets is heating up significantly, according to the latest update from Blockchain Analytics GlassNode.

Dogecoin (Doge) presents an atypical pattern, and analysts pay double attention. Despite the latest report from Blockchain Analytics GlassNode, futures activity on assets has heated up sharply despite the cooling of Mem Coin prices.

More importantly, the total amount of funds invested in Doge futures contracts, commonly known as open interest, grew nearly 64% last week. Open interest rose from $989 million to $1.62 billion, indicating that market participation remains strong despite some adverse factors in prices.

This strong involvement shows that traders are optimistic about continuing to buy.

This phenomenon between price trends and futures activities is called the "reverse relationship". This means that even if Dogecoin's spot price has fallen, more and more traders are rapidly increasing their bets on future price trends.

This shows that a large number of traders are still very active – whether it is bullish prices or just short-term speculation.

GlassNode calls this situation a setting that shows a "continuous speculative positioning" that positions can still benefit from future price movements even if the current momentum is behind.

The chart published by GlassNode further describes this. It shows two important trends over the past three months: the price of Doge (black) and the open interest (gold). From mid-February to early May, Dogecoin's price experienced several fluctuations, and then fell several times after rising, with the recent high point significantly pulling back.

Source: x @GlassNode

Meanwhile, in early May, open interest rates, which were relatively stable with prices, continued to rise sharply, reaching a peak of more than $1.6 billion in mid-May.

What makes this development particularly striking is that even if Doge's price stops rising, open interest increases significantly, meaning trading on the currency remains very active, and traders may expect price increases or significant support, or both.

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