Dogecoin (DOGE) rose 12% on September 21 to trade at $0.095, becoming the biggest gainer among the top 20 cryptocurrencies by market cap.
The price rally coincided with increased futures activity on major exchanges. Four whale addresses opened long positions totaling 78.2 million DOGE, worth $5.59 million at the time. All four positions moved into profit as the price climbed, while the sole short position opened during the same period recorded an unrealized loss of $119,000.
Exchange data showed shifting sentiment favoring buyers. The long-to-short ratio on Binance reached 2.30, while OKX recorded 2.65, indicating more long accounts than short accounts on both platforms. The day also saw $5.66 million in short liquidations, marking the largest short squeeze for DOGE since August 22.
Open interest in Dogecoin futures surged to $1.57 billion, reaching levels not seen since August 22. Binance accounted for the largest share of this activity, with $345 million in open interest—a level not recorded on that exchange since May 2026.
Technical analysis suggested potential for further gains. Dogecoin moved above its 200-day exponential moving average at $0.092, which analysts interpreted as a shift toward a bullish long-term outlook. The price was trading within a double-bottom pattern on the daily chart with a target near $0.102. The MACD indicator crossed above its signal line, adding to bullish signals.
Support levels for potential pullbacks included the 200-day EMA at $0.092 and the 50-day EMA at $0.082.
