Dogecoin Price Surge Amid Rising Open Interest and Weakening Bearish Pressure

The price of Dogecoin (DOGE) has risen by 0.4% to $0.070 on August 11, as open interest reaches its highest level since June. This surge in open interest coincides with a gain in Dogecoin's funding rate and optimism that the Federal Reserve may not hike interest rates at the September FOMC meeting.

According to Coinglass data, the open interest for Dogecoin has reached $1.17 billion, its highest level since June 3. This rise in open interest suggests that long traders are willing to pay a fee to maintain their bullish bets on Dogecoin.

The long/short ratio for Dogecoin has also reached 2.72 on Binance and 5.11 on OKX, indicating that the majority of futures traders expect the price to gain. The price is currently forming a falling wedge pattern on the daily chart, which typically emerges when momentum is about to change to a bullish one.

However, despite the rising open interest, Dogecoin ETFs have seen four straight days of outflows, indicating weakening institutional demand for the meme coin.