The Dogecoin price has been on the rebound, with Bitcoin barreling toward its all-time high levels once again. The break of $110,000 triggered an altcoin run after the Ethereum price moved 10% in a single day, and by extension, Dogecoin also followed with a more than 5% rebound already. However, the meme coin’s volume has not risen as high as expected, and this could suggest low market participation from investors during this time.
Dogecoin Volume Still Muted
Despite the rebound toward $0.2, the Dogecoin volume has not seen a notable jump during this time. In fact, the volume remains well below levels seen back in May and continues to trend at levels recorded during the market decline. This could mean that Dogecoin is merely following the market direction and not necessarily being driven by factors of its own.
According to data from Coinglass, the daily Dogecoin trading volume remains below $5 billion. This is low compared to the levels that the DOGE trading volume has risen to, especially during times of rapid recovery.
For context, back in February, the Dogecoin daily trading volume had risen above the $10 billion mark as the market struggled. Then, back in May 2025, the meme coin had crossed the $10 billion mark once again when the market had recovered and DOGE pushed above $0.25.
However, so far in the month of June, the Dogecoin trading volume is yet to cross the $10 billion mark, even after almost two weeks into the month. The highest daily volume recorded so far for the month is $5.89 billion on June 6, driven by shorters as the market tanked.
Open Interest Show No Notable Moves
In the same vein as the DOGE daily trading volume, the Dogecoin open interest has not recorded any notable movements during this time. Since the start of the month, open interest in the meme coin has remained rather steady, averaging around $2 billion on a daily basis.
This suggests that crypto traders are not making any moves and opening more positions at the same time. It also points to the fact that investors are waiting to see what the market does before making their moves. As of June 11, the Dogecoin open interest was sitting at $2.11 billion, a decline from the $2.5 billion average recorded toward the end of May.
Featured image from Dall.E, chart from TradingView.com
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