Dogecoin Open Interest Hits $959 Million Amid Weekend Selloff — Can DOGE Stage a Comeback?

Dogecoin's open interest registered at $959 million over the past 24-hour trading window, reflecting a 2.4% decline according to the latest data from Coinglass. The drop coincided with a broader market selloff that accelerated early Sunday, as investors across the cryptocurrency space moved capital toward equities tied to the artificial intelligence sector.

The weekend trading session proved particularly sluggish for digital assets. Dogecoin was changing hands at $0.073 at the time of reporting, representing a 2.20% loss over the previous 24 hours and a steep 12% decline on a weekly basis. Total liquidations across the crypto market reached $141 million, with the majority of major tokens sitting firmly in negative territory.

The broader crypto landscape continues to face headwinds from multiple directions. Spot ETF outflows have been persistent, and the Federal Reserve's hawkish monetary stance has weighed heavily on risk assets — even as traditional equity markets pushed to fresh all-time highs. This divergence has put significant pressure on cryptocurrencies, including Dogecoin.

From a price history standpoint, DOGE touched a multi-year low of $0.071 on June 23 — a level not seen since November 2023. The meme-origin token has shed nearly 27% of its value throughout June alone, capping off what has been a difficult quarter for the broader digital asset market. With the first half of 2026 drawing to a close in just two days, traders are left assessing the damage from months of sustained selling pressure.

Looking ahead to Q3, market participants are closely watching for any signs of a trend reversal. Dogecoin has recorded only a single green month during 2026, underscoring the persistence of the current bear market cycle. The prolonged downturn has pushed key technical momentum indicators deep into oversold territory.

Notably, Dogecoin's daily Relative Strength Index (RSI) has fallen to 24 — well below the traditional oversold threshold of 30. Historically, crypto markets have shown a tendency to bounce when RSI dips into oversold zones, though analysts caution that a sub-30 reading alone does not guarantee an immediate reversal. It signals recent weakness rather than a confirmed bottom.

That said, the depth of the current RSI reading does raise the possibility of a near-term relief rally. While oversold conditions have not yet been formally confirmed by follow-through price action, the technical setup suggests that downward momentum may be nearing exhaustion. Traders entering Q3 will be monitoring whether this potential catalyst translates into sustained buying or whether bearish pressure continues to dominate DOGE's price trajectory throughout the summer months.