June 29, 2026 – Traders trimmed leveraged bets this weekend as DOGE slipped and the wider market chased AI-linked equities. We break down the data and ask whether a relief rally remains realistic.
In Summary
Dogecoin open interest dropped 2.4% to $959 million in 24 hours, according to U.Today citing Coinglass data.
DOGE traded near $0.073, down 2.20% on the day and roughly 12% across the week.
The token hit $0.071 on June 23, its weakest level since November 2023.
Liquidations across the market reached $141 million during the session.
The daily RSI fell to 24, deep in oversold territory.
Dogecoin slipped again this weekend as traders trimmed leveraged bets. Open interest fell even as the broader market favored AI-linked equities. Below, we examine what the data reveals about momentum and risk.
The chart above shows positions unwinding steadily through late June. Notably, falling price alongside falling open interest signals de-leveraging rather than fresh shorting.
Why open interest matters here
Open interest measures the total value of active futures contracts. Therefore, a decline indicates traders are closing positions, not opening new ones. Invezz reported that DOGE open interest had already fallen 10% earlier in the week. Consequently, the latest dip extends a clear de-risking trend.
This matters because the cause shapes the recovery path. When leverage simply unwinds, prices can stabilize without new capital. However, a spot-driven selloff demands fresh buyers to reverse it. The June weakness shows both forces at work.
As the chart shows, DOGE has shed nearly 27% so far in June. Furthermore, the June 23 low of $0.071 was the weakest since November 2023. This caps a bearish quarter for the broader meme-coin sector.
The macro backdrop
Crypto faced pressure from several directions this week. First, U.Today noted that investors rotated toward stocks tied to the artificial intelligence boom. Second, outflows from spot ETFs drained capital from digital assets. Third, a hawkish Federal Reserve further dampened risk appetite.
Meanwhile, FXStreet reported that DOGE-focused ETFs logged repeated days of zero inflows. As a result, institutional demand stayed muted throughout the decline. Retail enthusiasm also faded as broader sentiment soured.
Is there hope for recovery?
The gauge above places DOGE firmly in oversold territory. CoinCodex data corroborates this, showing an RSI near 24. Historically, markets often rebound once the RSI confirms oversold conditions.
However, a low reading alone does not guarantee a bottom. Indeed, during sustained downtrends, the RSI can linger below 30 for weeks. Therefore, a relief rally remains possible but unconfirmed.
Traders will now watch for a reversal into the third quarter. Bulls must first reclaim resistance near $0.085 to shift momentum. Until fresh demand returns, the path higher stays uncertain.
In short, the $959 million Dogecoin open interest figure reflects caution, not capitulation. The data support patience over conviction for now.
