Derivatives data shows $DOGE hype faded fast after ETF speculation.

Open interest jumped from $1.5B in June to nearly $6B by mid-September while price stayed stuck at $0.25–$0.28.

After the ETF rollout, momentum broke.

By mid-October, OI collapsed to $2B and later stabilized around $1.2–$1.4B.

Binance tells the same story OI peaked near $1.15B, then slid below $400M and drifted near $300M as price ranged at $0.14–$0.15.

Lower leverage = thinner liquidity.

That makes $DOGE more vulnerable to sharp downside on the next volatility spike.