Conclusion first: DOGE open interest fell by 2.5% over a day. Long liquidations were $2.66 million—people who chased longs were the first to take a hit.
DOGE is currently around 0.0940, down about 3.6% over the past 24 hours. The prices, highs, and lows on Binance and OKX are basically aligned. Open interest has dropped to $1.24 billion, indicating that some leverage has already exited voluntarily, but it hasn’t been fully squeezed out yet.
The total 24-hour liquidation amount is about $2.98 million, with longs accounting for 89%. In the most recent 4 hours, longs are still 77%, while shorts are only $49,000; price pressure remains on the longs’ side.
Funding rates haven’t become extreme enough to reverse the direction: on Binance, the 8-hour funding rate is about 0.0057%, and on OKX it’s about 0.0073%, which annualizes to roughly 6% to 8%. Longs are still paying, but positions have already shrunk. Next, it depends on whether open interest continues to fall, or whether price stops declining and traders add leverage again.
$DOGE $BTC
Do you think this DOGE round is just flushing leverage, or is the drop not over yet?
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