Dogecoin Price Hits Year-Low as Futures Activity Plummets

The Dogecoin price has extended its sell-off, reaching new lows and sparking concerns about the cryptocurrency's future. The decline is largely due to a significant decrease in futures activity, which has dropped by over 7% in the past 24 hours.

According to data from CoinGlass, open interest in the Dogecoin futures market has fallen to 11,110,000,000 DOGE, with a combined value of over $1.02 billion. This decline is a worrying sign for investors and traders, who are closely watching the metric as a gauge of market sentiment.

The derivatives market around DOGE has seen a mixed response on Binance and Bybit exchanges, with some platforms experiencing an increase in open interest while others have seen a decrease. However, this uptick is not enough to offset the overall negative trend, which suggests that traders are becoming increasingly risk-averse.