Dogecoin Price Eyes Epic Rebound as Open Interest, Security, ETF Sentiments Soar

Dogecoin (DOGE) may see its price rebound soon, as a response to the positive developments in its ecosystem.

Notably, the open interest (OI) has surged to over $3.3 billion, suggesting increasing confidence.

The bullish sentiment is further compounded by a potential Dogecoin ETF launch this year and rising hashrate.

Over 15,000,000,000 Dogecoin In Open Interest

According to CoinGlass data, Dogecoin investors have locked $3.32 billion in the DOGE open interest.

This involves over 15.16 billion DOGE over the past 24 hours, as traders remain optimistic despite the memecoin experiencing a downtrend.

Open interest is the total value of unsettled active futures contracts that investors have committed to Dogecoin.

The current volume indicates sustained interest by DOGE holders. These investors are betting big on the memcoin, likely driven by anticipation of a bullish twist soon.

Binance, OKX, and Bybit are the exchanges with the highest market activity for DOGE. Binance leads with $661.9 million committed to futures market. Also, Bybit and OKX traders pledged $416.6 million and $353.6 million, respectively.

For now, DOGE has yet to experience a substantial gain in value. Although DOGE price is up slightly by 0.8% over the past 7 days, the price is down 3.62% on the daily chart.

At press time, Dogecoin hovered around $0.2155, with a market capitalization of $32.5 billion. Trading volume has gone down in the red zone, plunging by 4.4% to $2.2 billion.

On the technical front, Dogecoin, the king memecoin, has shown resilience against dips and maintained bullish bias.

A breakout from ongoing consolidation could spark a rally between the 0.245 and 0.250 target zone.

Hashrate Hits New ATH

Moreover, the Dogecoin ecosystem activities like the soaring hashrate are also supporting further price gains.

According to CoinWarz, the hashrate hit a new all-time high (ATH) of over 3 PH/s  (petahashes per second) on August 28.

The spike in hashrate implies more miners are securing the network than ever, as pointed out by the Dogecoin official X account.

In blockchain networks like Dogecoin, hashrate measures the total computational power dedicated by miners to secure the network.

The chart provided by CoinWarz data revealed the hashrate has continued on an upward trajectory since September 2024. A higher hashrate means miners are putting in more work to maintain the network’s integrity.

Thus, the over 3 PH/s hashrate makes the Dogecoin blockchain more secure against outside attacks.

More miners joining, as reflected in the hashrate spike, signals adoption and strength. It could spark upward price pressure. However, it also increases mining difficulty, making it more expensive for smaller miners.

DOGE ETF in Q4 2025?

Recent speculations about a possible Dogecoin exchange-traded fund (ETF) approval in the fourth quarter (Q4) of 2025 have also fueled price rebound expectations.

An ETF would allow investors to buy DOGE exposure via traditional stock markets, without directly holding the crypto. Analysts estimate 80% to 90% odds for approval by Q4 this year.

Filings from Grayscale, Bitwise, 21Shares, and Rex-Osprey are under review with the U.S Securities and Exchange Commission (SEC).

Grayscale submitted an S-1 filing document to the SEC earlier this month. The documents signal a renewed push to convert its Dogecoin Trust into a spot ETF listed on NYSE Arca under GDOG.

After the news broke, DOGE prices rallied as much as 6%. Analysts estimate that the DOGE could soar $1 on the back of the ETF buzz.

While high odds signal mainstream potential, it is worth noting that the SEC may delay approvals.