Dogecoin futures activity has surged back to levels last seen in October 2025, even though DOGE is currently trading at less than one-third of its price from that period.

Traders are adding to leveraged positions as DOGE remains near $0.07, creating a clear divergence between the token’s weak price performance and growing speculation in the futures market.

According to CoinGlass, open interest in DOGE futures has risen to around $1.21 billion, compared with roughly $930 million in late June. DOGE has dropped nearly 3% over the past 24 hours and is down close to 70% over the past year.

The scale of the renewed speculation is even more evident when open interest is measured in DOGE rather than dollars.

Outstanding futures positions now represent about 17.18 billion DOGE, nearly matching the 17.78 billion recorded in October 2025. At that time, DOGE traded near $0.25. With the token now around $0.07, speculative positioning has almost returned to its previous level despite the much lower price.

Futures allow traders to use leverage to control positions larger than their available capital. Rising open interest signals that new leveraged exposure is entering the market, although it does not reveal whether traders are positioning for gains or further losses.

Account-level data suggests bullish bets currently dominate. On Binance, more than three accounts held long DOGE positions for every account holding a short. OKX showed an even stronger imbalance, with more than five long accounts for each short.

These ratios do not mean that three or five times more capital is betting on a DOGE recovery, since every futures trade requires both a long and short side. However, they show that a larger number of traders are leaning bullish while the token continues to weaken.

That concentration of long positions could become risky if DOGE suffers another sharp decline. Leveraged positions are automatically liquidated when traders fail to maintain sufficient collateral, forcing the positions to be closed. A wave of simultaneous liquidations can create additional selling and accelerate the decline.

DOGE was trading around $0.07 during Thursday’s Asian session, down approximately 3%, while most major cryptocurrencies were posting modest gains.