On May 14, despite spot prices showing signs of fatigue, speculative positions in XRP and Doge futures markets continued to accumulate, indicating an increasing appetite for volatility and downside risks. Data shows:
· Doge Futures: Open interest surged 63.9% within a week (from $989 million to $1.62 billion), with spot prices rising 40% to $0.23;
· XRP Futures: Open interest grew 41.6% (increasing by over $1 billion), with spot prices rising moderately (from 2.14 to $2.6).
On-chain analytics firm glassnode suggests that the divergence between price momentum decay and surging open interest hints at continuous accumulation of speculative positions, which is worth noting. Open interest (OI) serves as an indicator of speculative activity, and when it diverges from stagnant prices, it often signals that leverage growth has exceeded actual confidence—a pattern that has previously triggered flash crashes.
