Dogecoin, the popular meme-inspired cryptocurrency, is moving in a narrow price range as uncertainty in the broader financial markets keeps traders cautious. In the past 24 hours, DOGE recorded $1.52 billion in open interest, signaling strong investor attention—despite a minor 1.13% decline.
Currently Dogecoin Price trading at $0.1586 as per Coinpedia Market data.
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What is Open Interest and Why It Matters
Open interest refers to the total number of active futures contracts that are yet to be settled. It’s often used as a measure of market sentiment and liquidity. The $1.52 billion in Dogecoin open interest shows traders are still actively involved, even if the price action has been quiet.
DOGE Price Struggles Amid Market Uncertainty
At the time of writing, Dogecoin is trading at $0.154, down 0.85% in the past 24 hours. While it recovered slightly after a three-day dip earlier this week, DOGE hasn’t shown any major movement. It continues to trade between $0.15 and $0.1578—a very tight range.
This sideways action reflects a larger trend of uncertainty in global markets. Investors are hesitant to make bold moves until there is more clarity on future interest rate decisions.
Powell’s Comments and the Fed’s Dilemma
Federal Reserve Chair Jerome Powell’s recent comments have added to the uncertainty. He acknowledged the Fed’s challenge: balancing inflation control while supporting economic growth. These statements made markets jittery and affected risk assets like cryptocurrencies.
According to Deutsche Bank, Powell’s remarks suggest that the Fed is in no rush to adjust policy despite weaker economic data. This cautious approach may delay bullish momentum for cryptos, including Dogecoin.
Jobless Claims Add to Market Caution
New jobless claims data released on Thursday missed economist expectations, adding another layer of doubt. Lower-than-expected numbers usually suggest that the labor market remains strong, but they can also signal that inflation pressures might stick around longer—giving the Fed fewer reasons to cut interest rates soon.
What Traders Are Watching Next
With no strong push in either direction, traders are closely watching upcoming economic indicators and market sentiment. Rate cuts have historically been a bullish trigger for crypto markets. Until then, Dogecoin is expected to remain in a tight trading range.
Dogecoin’s price action mirrors the market’s mood—cautious and undecided. While open interest remains high, actual price movement has been limited. For now, traders are playing the waiting game, hoping for clearer signals from both the Fed and the broader economy.