The crypto market is rebounding, and Dogecoin (DOGE) is taking center stage. Futures traders have increased their commitments, pushing DOGE’s open interest up by 6% overnight. As of now, 8.42 billion DOGE is locked in futures contracts, reflecting strong investor confidence.

Traders Embrace High-Risk Exposure

DOGE’s open interest has reached a valuation of $1.39 billion, showing that traders remain willing to take risks. However, volatility poses a major challenge. Price fluctuations continue to threaten DOGE’s support levels.

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At the time of writing, DOGE is trading at $0.1684, marking a 5.13% increase in the past 24 hours. Just two days ago, the market saw significant liquidations, exposing DOGE’s instability. However, the recent recovery has reduced its weekly losses to under 16%, signaling renewed momentum.

Binance holds the largest share of Dogecoin futures, with 2.19 billion DOGE in open interest. OKX and Bybit follow closely, hosting 889.74 million DOGE and 1.38 billion DOGE, respectively. These platforms highlight the widespread trading activity surrounding DOGE.

ETF Filing Sparks Long-Term Optimism

Despite current market uncertainties, traders remain hopeful about DOGE’s future. The Dogecoin ETF filing with the U.S. Securities and Exchange Commission (SEC) is a positive signal for investors.

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At its current price, DOGE appears undervalued. The coin reached a high of $0.4835 in the past year, and analysts expect another rally.

Additionally, active Dogecoin addresses continue to grow, showing increased user engagement. With regulatory clarity improving, a long-term market shift could be on the horizon.