Dogecoin Price Forecast: DOGE Open Interest Nears $4B After Grayscale’s Latest ETF Update

Dogecoin (DOGE) extended its recent winning streak into Sunday, August 17, touching $0.24 in intraday trade and on course for its third consecutive day in profit. Dogecoin’s ongoing price rally has coincided with Grayscale’s filing of an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin ETF, filed on August 15.

The proposed Dogecoin ETF adds to the slate of institutional filings already under SEC review, including applications from Bitwise and REX-Osprey. Beyond DOGE, the SEC is reviewing multiple meme-coin ETF proposals, such as TRUMP, BONK, and Pudgy Penguins, further emphasizing the deepening institutional interest in the memecoin sector, long seen as a retail-dominated niche market.

Notably, Grayscale arrived just a day after the SEC delayed rulings on several Solana ETF proposals from Bitwise, 21Shares, and VanEck till October, alongside a separate Dogecoin ETF application from 21Shares. The latest Dogecoin ETF filing suggests the $60 billion AUM asset manager remains confident of potential approval verdicts despite the SEC’s latest delays.

Looking ahead, derivatives market data suggests that short-term speculative traders continue to be heavy in the Dogecoin price rally continuation. As seen in the Coinglass chart above, DOGE open interest surged 7.3% to $3.73 billion on Sunday, indicating fresh capital inflows of $272 million on Sunday, even as spot trading volumes dipped over 41%.

Liquidation data also highlights active short squeezes. In the past 24 hours, shorts lost $2.80 million compared to $711,000 in long liquidations, signaling bearish bets being forced out of the market. If these bullish conditions persist, DOGE price could be on the verge of a $0.25 breakout in the week ahead.

Dogecoin Price Forecast: ETF Buzz Meets Technical Barriers

From a technical analysis perspective, Dogecoin price is facing critical resistance sell walls overhead. As seen in the TradingView chart below, the $0.24 level has emerged as immediate resistance, with sustained closes above this mark required to trigger momentum toward $0.27 local top last tested in mid-July.

On the downside, short-term support remains strong at $0.22, aligning with recent consolidation zones and a rising accumulation trend among retail traders. If this support fails, DOGE price could retest $0.20, where the world’s largest memecoin attracted significant buy-interest during the market rebound in early August.

With the RSI trending at 57.8, Dogecoin price is yet to hit overbought territories, signalling room for more upside action to breach the critical $0.25 psychological resistance, if the increasing open interest triggers more short-squeezes.

next

The post Dogecoin Price Forecast: DOGE Open Interest Nears $4B After Grayscale’s Latest ETF Update appeared first on Coinspeaker.