DOGE open interest climbed 5.09% to $1.79 billion, while trading volume jumped 81.62% to $3.99 billion, according to CoinGlass data.

DOGE futures open interest hit $1.79 billion on May 14 | Source: CoinGlass 

The move showed a clear shift toward Dogecoin as Bitcoin, Ethereum, Solana, and XRP failed to attract similar futures demand.

DOGE Leads Major Crypto Futures Activity

Dogecoin traded near $0.1157, gaining about 1% during the session. The token also held close to $0.1133 while most leading cryptocurrencies moved lower. Its futures market stood out as traders increased exposure despite weaker conditions across the wider market.

Bitcoin futures open interest slipped 0.36%, while Ethereum added only 0.94%. Solana dropped 5.96%, and XRP fell 2.52%. None of the top five coins matched Dogecoin’s increase, which signaled a short-term rotation into higher-volatility assets.

Earlier data showed DOGE open interest at $629 million in the previous week. The latest figure means open interest has almost tripled within a short period. That jump points to rising speculative activity around the meme coin rather than broad growth across crypto derivatives.

Speculative Capital Moves Toward Dogecoin

The wider crypto market stayed near $2.8 trillion in total value on May 14. Capital did not appear to leave the sector. Instead, traders shifted exposure away from Bitcoin and Ethereum derivatives and toward Dogecoin futures.

This pattern has appeared in previous market cycles. In 2021 and parts of 2024, meme coin futures gained quickly when larger crypto assets traded sideways. Those moves often brought strong short-term rallies, but they also carried higher liquidation risk when momentum weakened.

Intellectia.AI reported that open DOGE positions reached 15.13 billion tokens, valued at about $1.67 billion. Analysts pointed to $0.11 as a key support level. A move below that zone could pressure leveraged positions and trigger forced selling.

Leverage Raises Risk for DOGE Traders

DOGE perpetual futures open interest stood near $1.71 billion. Technical indicators suggested the token could test resistance around $0.12 if buyers maintain control. The 50-day and 100-day exponential moving averages also supported a short-term recovery view.

DOGE held above the $0.11 support on May 14 while testing the $0.12 resistance zone | Source: TradingView

However, high leverage can increase losses as quickly as it supports gains. Meme coin rallies often become fragile when futures activity grows faster than spot demand. If traders reduce exposure, DOGE could face sharp volatility.

The next move will depend on whether futures inflows turn into real spot buying. Strong spot demand could support the rally. Weak demand may leave Dogecoin exposed to a fast reversal.

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However, not all users got the prizes as the window turned into a disaster for some, specifically for those who showed up early. The Robinhood app crashed or froze, while some reportedly got stuck on a blank screen. Others were told they “missed the rewards” even though they were already in. And this happened during the one moment users were supposed to claim their prizes, according to multiple posts on X by users.

Robinhood shocks Wall Street with stock performance in 2025

Along with DOGE, Robinhood added luxury items to the mix. People could also win Rolex watches and Apple AirPods, turning what was supposed to be a crypto giveaway into a flex-off.

Away from the giveaways, Robinhood’s stock (HOOD) isn’t feeling festive. It closed at $118.13, down 1.92% from the previous day. That drop was worse than the S&P 500’s dip of just 0.03%. The Dow fell by 0.04%, and the Nasdaq slid 0.09%. Robinhood lost more ground than all of them.

In the past month, HOOD has dropped 6.05%, even as the finance sector gained 4.37% and the S&P 500 rose 2.57%. But earnings are coming up. Robinhood is expected to report Q4 2025 EPS of $0.57, which would be 5.56% higher than the same quarter last year. Revenue estimates sit at $1.29 billion, up 27.08% year-over-year. However, some analysts remain optimistic.

Brian Bedell at Deutsche Bank still has a buy rating and just bumped the target price from $150 to $160. TipRanks says Bedell has a 61.8% success rate and an average return of 19.4% over the past year. Meanwhile, financial analyst Carter Worth thinks Robinhood is in a “bullish-to-bearish” reversal, and could drop to around $100. Carter points out its weak performance compared to the S&P 500, and warns that the uptrend since April’s low is breaking. HOOD hit $29.66 back in April, then exploded to $153.86 in October, a 419% rally in just six months.

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The token at $0.13 was disappointing despite fresh hope over revised filings by leading issuers and increased promotion of new spot funds.

Spot DOGE ETF efforts progress amid muted demand

The ETF story of Dogecoin gained some progress after 21Shares filed an amended S-1 with the US Securities and Exchange Commission on December 2. Its sponsor fee is going to be 0.50% on its proposed spot Dogecoin ETF, and the issuer said the fee would accrue on a daily basis and be paid out on a weekly basis in DOGE. The company claimed the fee had the prospective TDOG product in the middle of the existing range of costs of spot crypto funds.

The filing said that the trust might require the liquidation of DOGE to satisfy debts associated with taxes or litigation. It further established that administrative tasks would be managed by The Bank of New York Mellon, and joint custodians were Anchorage Digital Bank and BitGo.

On November 24, the Dogecoin ETF of the first spot by Grayscale started trading on NYSE Arca. The trading saw an amount of almost five billion coins traded in the first and second days, with an average of 1.7 billion coins being traded in the three days. There was another product called DOJE, which registered high turnover in September but has been unable to match the inflows of the XRP or Ethereum funds.

ETF is an indicator of insufficient DOGE interest.

According to the data provided by SoSoValue, Grayscale GDOG and Bitwise GWOW now have $6.92 million in aggregate assets and attracted $2.8 million in net inflows. On Tuesday, DOGE ETFs recorded an inflow of $513,000, and on Wednesday, it recorded an inflow of $177,000, but no flows were recorded on Thursday. Between November 27 and December 2, the two spot products had no new activity.

DOJE had $23.4 million of assets in the broader ETF arena, which also covers futures offerings. BWOW of Bitwise was trading at $24.36, having fallen -1.62% and having $2.4 million in assets with a 0.34% fee. GDOG was traded at $17.44 after it fell by 1.61%. The 21Shares TXXD futures-based product very recently traded at $22.26 and comprised $856,900 in assets with a fee of 1.89%.

On-chain strength vs. price weakness.

Dogecoin has been showing an upward trend in the week, with a slight recovery following a huge monthly loss of more than 22%. The recovery upsurged the price by almost 11% and made the levels stable around $0.1475. In November, the network had 71,589 active addresses, the highest number since September.

Analysts commented that increased activity could reflect better interests by investors who are buying the dip after a poor three-month performance. However, the institutional selling pressures prevailed over the positive signs. DOGE fell by $0.1522 to $0.1477 with heavy trading, with 830.7 million DOGE changing hands. The traders sold over 14.4 million coins in the session, thwarting every attempt to move upwards.

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Court documents obtained by Cryptopolitan reveal allegations that Musk operated outside his advisory capacity and was aggressive in matters related to the agency’s disbanding while he worked in the White House. 

The Justice Department is seeking a judge’s order in Maryland to prevent efforts to overthrow Musk and to include two former USAID officials in the case.

DOJ moves to block Musk’s testimony

According to reports given by the Justice Department to the court, compelling Musk to appear during a deposition hearing would violate long-standing legal safeguards against senior executive advisers. Government lawyers contend that such testimony endangers the division of powers since it draws an impressive presidential consultant into a court battle. 

The accusers are both the former federal employees and contractors who allege that Musk and other individuals then destroyed USAID by firing their masses and abandoning grants.

The Biden administration has fought the lawsuit at the initial stage, but the White House under Trump is now spearheading the fight to prevent Musk from testifying. 

The court turned down a motion to dismiss the case in August, and discovery could proceed. Plaintiffs allege that Musk exercised the power of an official subject to Senate confirmation and abused that power by permitting the agency to be shut down when it was formed by Congress.

DOJ argues Musk had no policy-making power

Musk resigned his position in the spring but was strongly associated with the Trump Department of Government Efficiency, aka DOGE. The DOJ still represents Musk in other cases directly connected to it and insists that he never had formal power to make any policy. Lawyers argue that he has just advised Trump and cannot be held responsible for the acts committed by federal officials.

The plaintiffs do not agree and refer to internal testimony and gathered files to prove their point. According to them, Musk made decisions that transformed the programs of foreign aid and violated the federal law. 

The DOJ indicates that the plaintiffs have not depleted other alternatives like written queries or the testimony of junior officers.

Musk’s public comments cited as evidence

One of the key pieces of evidence is a post made by Musk in February. He wrote that we spent the weekend hosing USAID into the wood chipper, which, according to the court, could indicate he took credit for the collapse of the agency. 

Another concern that was created by the message was the closeness to presidential power. The administration of Trump has also undertaken the same action in another DOGE fight. An order to compel the DOGE administrator, Amy Gleason, to provide testimony in another public records issue was blocked by the Supreme Court. 

That matter remains active. The court now has to determine whether the position of Musk, his rhetoric, and activity in the White House warrant the elimination of the customary safeguarding of senior advisors. The decision will define the extent to which the plaintiffs can go in any attempt to contest the activities of DOGE in dismantling USAID.

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Blockchain security firm SlowMist identified the attack as a supply chain exploit that allowed unauthorized transfers of funds over four major networks. The attacker exploited a bug in the exchange infrastructure, not a hack in private keys.

The exploit affected the Ethereum, Solana, TRON, and Bitcoin networks. BigOne ensured that its main hot wallet showed suspicious withdrawals that had been detected early. The withdrawal controls were passed through, and the hacker had access to money without breaking the wallet keys. Although the platform lost the money, there is no danger of the users’ deposits being lost since the damages will be covered by the platform’s insurance fund.

Hot Wallets Targeted in Coordinated Attack

The biggest hot wallet of BigOne, amounting to more than 23 million, had last remained active a few hours prior to the hack. The hacker emptied various wallets on various chains. The hack involved 120 BTC withdrawals, $4 million worth of ETH, and some other illiquid tokens. The hacker also stole the stablecoins SHIB, DOGE, and almost seven million TRX on the TRON network.

The vulnerability used in the hack was not revealed, but the investigators suppose that the attacker managed to alter the exchange’s internal logic. This enabled transactions to be balanced without the need to follow the usual restrictions. BigOne stopped at once to avoid additional losses. The hack also accompanied the notice of system upgrade, together with the reinstatement of deposit and withdrawal services.

Security Concerns for Centralized Platforms Resurface

It is BigOne’s worst instant. This exchange ranks number 91 in the CoinGecko reliability index and has a 6 / 10 trust rating. Although its trading volume is relatively high, at $728 million, it is not deep in several trading pairs. This has added to its susceptibility to elevated slippage and lowered interest from institutional brokers.

Its centralized nature makes centralized exchange attacks less common after an occurrence in 2020 by the KuCoin exchange that resulted in a loss of 275 million dollars. The latest hacking of BigOne proves that central facilities are not immune to threats to infrastructure. In comparison to earlier attacks on wallet keys, that one revealed a vulnerability in the withdrawal logic of the system.

Exchange Response and Market Standing

BigOne ensured that there was no breach on the part of the private keys. The team is working on the complete functionality of the platform. The exchange is reported to have crypto funds worth $91 million, as DeFiLlama says. It primarily deals in BTC, ETH, SOL, and more ancient meme coins, including BONK and DOGE. Since its establishment in 2017, BigOne has already overcome multiple market cycles. The exchange has promised that all losses incurred during the attack would be paid despite the attack.

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The proposal is based on recommendations from the Department of Government Efficiency and allows the White House to withhold funds already approved by Congress.

House vote passes, final outcome still uncertain

The bill targets funding for agencies including the U.S. Agency for International Development and the Corporation for Public Broadcasting. These organizations support programs such as NPR and PBS, which remain popular with many voters. The House passed the measure along party lines, but Speaker Mike Johnson faces pressure to secure enough Republican votes for the final vote set for Thursday. With limited room for defections, internal disagreement could stall the package before it reaches the Senate.

Senate process forces changes to original GOP plan

The spending cuts were originally part of the Republican-backed “big, beautiful bill,” but the Senate reconciliation process forced edits. This budgetary procedure allows approval with a simple majority, avoiding the 60-vote threshold. The Senate parliamentarian removed several provisions that did not meet reconciliation rules, leading to adjustments before the House vote. Some Republicans remain uneasy about the remaining content, particularly the reductions in public media and foreign aid.

The Department of Government Efficiency has been active beyond budget changes. Since Trump returned to office, DOGE has overseen significant federal workforce reductions, cutting entire teams and affecting essential services like weather reporting and drug approvals. The administration is now facing complications as it attempts to reverse or revise some of the firings.

Court rulings and staffing gaps disrupt federal operations

Legal challenges have added confusion to the federal staffing situation. In April, a judge ordered the reinstatement of workers from 20 agencies, while a separate Supreme Court ruling blocked a similar order. Thousands of federal employees who were dismissed earlier in the year are now caught in legal limbo. Many of those eligible to return are declining offers or ignoring outreach, creating operational gaps across key departments.

The FDA, IRS, State Department and HUD, are some of the agencies that are operating under pressure. The inner communications and interviews establish a picture of a hectic environment, and employees having additional responsibilities. Job announcements that had been dropped are being re-posted on USAJobs as agencies try to reel back to sudden reorganization and brain drain.

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Galloway then pointed to a poll that showed that Tesla was ranked as the 8th most reputable brand in 2021 but has now fallen to 95th. “He’s alienated the wrong people,” Galloway said. “Three-quarters of Republicans would never consider buying an EV. So he’s cozying up to the people who aren’t interested in EVs.” Galloway also listed the sharp drop in Tesla sales across Europe last year, noting that the company saw sales go down 59% in France, 81% in Sweden, 74% in the Netherlands, 66% in Denmark, 50% in Switzerland, and 33% in Portugal.

Elon Musk’s political participation drove away European EV buyers

Over the last few months, Musk has tried to influence several European political debates, particularly via posts on X. According to The Guardian, his interference turned off many European customers, which is a key market for electric vehicles. Moreover, in April, China’s BYD outsold Tesla in Europe for the first time, according to Jato Dynamics, an automotive market intelligence firm.

“This has arguably been one of the greatest brand destructions,” Galloway told co-host Kara Swisher. He added, “Tesla was a great brand. He’s alienated his core demographic.” The federal job and spending cuts trace back to Musk’s leadership of the Department of Government Efficiency (DOGE), under Trump’s second term, which began in January. Musk secured that position after his super PAC donated $200 million to Trump’s successful November campaign to return to the White House following his 2020 defeat.

Since then, opinion polls have shown widespread disapproval of Musk’s work for Trump. Some studies indicate that a majority of voters dislike how he and DOGE treated federal employees as the department worked through large job reductions. In April, Tesla reported a 71% drop in profits. On an earnings call with investors, Musk said he would start stepping back from DOGE in May. He told shareholders that the job of getting the government’s “financial house in order is mostly done” and that his “time allocation to DOGE will drop significantly.”

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Seth Wilks and Raj Mukherjee, both brought in to modernize the agency’s crypto tax compliance strategies, were placed on paid leave and told to accept deferred resignations. Their removal is part of a larger restructuring effort across the federal government.

Crypto Policy Experts Exit IRS

Wilks and Mukherjee were appointed in February 2024 to help overhaul how the IRS handles crypto taxation and enforcement. Both officials had extensive private-sector experience before joining the IRS. Wilks served as a vice president at TaxBit, while Mukherjee held senior tax roles at Binance.US and ConsenSys. At the IRS, their most prominent contribution was developing the 1099-DA tax form designed for crypto-related income reporting.

The two officials also helped finalize a rule requiring significant data collection for DeFi brokers. That rule, passed under the Biden administration, was later revoked by the Trump administration using the Congressional Review Act. The reversal signaled a broader policy shift being driven by DOGE.

DOGE Restructures IRS Workforce

As part of its workforce modernization initiative the DOGE directive functions alongside other reforms. Something over 20,000 IRS workers have taken advantage of the voluntary separation packages that grant them paid vacation through September. Before more extensive job cuts took place Wilks and Mukherjee became two of the most senior crypto officials to choose voluntary departure. The agency was responsible for managing all aspects related to digital asset reporting and monitoring compliance while working with cryptocurrency companies.

A Treasury spokesperson confirmed that the department is focused on trimming excess staffing inherited from the previous administration. The IRS had been expanded under President Biden with the aim of increasing tax revenue collection. That approach is being reversed under Trump’s leadership, with emphasis placed on efficiency and reduced headcount.

IRS Faces Leadership Shake-Up

The exits extend beyond the crypto division. Melanie Krause, the IRS’s acting commissioner, also left, along with several senior staff. Their departures followed a controversial policy change requiring the IRS to share taxpayer information with Immigration and Customs Enforcement. That decision caused unrest within the agency, traditionally known for its confidentiality rules.

The Trump administration demonstrates a fundamental transformation of federal cryptocurrency policies and personnel establishment. DOGE implements a new tactic for government regulation and resource management through its ongoing administrative reforms.

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The announcement led to a sharp 5% rise in Tesla’s stock during after-hours trading, offering investors a sign of renewed focus on the electric carmaker after a challenging financial quarter.

Musk confirmed that his role in the Trump administration will be significantly reduced by next month. Although he plans to continue offering limited assistance, he emphasized that his full-time attention will shift back toward Tesla’s operations. The update followed Tesla’s report of a 20% drop in automotive revenue and a 71% fall in net income for the first quarter of 2025.

DOGE’s controversial government cuts

Created after Musk contributed close to $300 million to Donald Trump’s 2024 campaign, DOGE was positioned as a government efficiency effort. Since its launch, DOGE has targeted a broad range of federal agencies, including the IRS, National Park Service, and the Department of Education. It also reduced staff at agencies that regulate Musk’s companies, such as the SEC, FAA, and NHTSA.

Critics argue DOGE’s methods have been aggressive and lacked transparency. In February, reports emerged that DOGE operatives physically removed Education Department officials from their offices and altered workspaces without warning. Concerns also grew after senators revealed that DOGE may have accessed sensitive student loan data.

DOGE’s website claims it has saved the government $160 billion, but the figure has come under scrutiny. Some of the savings estimates were later removed from the site, raising questions about accuracy and oversight.

Tesla struggles amid political backlash

Tesla is facing mounting challenges beyond financial results. The company continues to deal with public protests across Europe and the United States. Musk blamed “organized protest groups” and accused some demonstrators of benefiting from government waste, though he provided no evidence.

Public sentiment toward Tesla brands weakened primarily in foreign markets because Musk links his name to German far-right political groups, including the AfD party. Slow innovation in their product lineups, growing Chinese electric car market competition, and stock value decreases by 41% represent the main reasons for Tesla’s stock market performance in 2025.

Musk’s federal role nears legal limit

Musk’s federal employment is nearing its legal cap. As a “special government employee,” he can serve up to 130 days per year without facing stricter ethics rules. That limit will be reached by the end of May. Musk’s official role in Washington may end without a new appointment, allowing him to focus more fully on Tesla’s future.

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According to Politico, Trump had mentioned that he expects Musk to walk away from his government responsibilities in the coming weeks to focus on his companies again. The story found its way to Tesla investors, who had been questioning Musk’s commitment to the company amid a drop in sales. “This ‘scoop’ is garbage. Elon Musk and President Trump have both publicly stated that Elon will depart from public service as a special government employee when his incredible work at DOGE is complete,” Press Secretary Caroline Leavitt said, responding to the story on X.

Court blocks Elon Musk’s DOGE from accessing private data

At the same time as the media frenzy, the Trump administration was dealt a legal blow. On Tuesday, the U.S. Court of Appeals for the 4th Circuit dismissed the administration’s appeal to lift a temporary restraining order that blocks DOGE staff from getting into the Social Security Administration’s sensitive data systems. The court said it didn’t have the jurisdiction over the appeal and sent the case back to the district court where it began. The plaintiffs have also said they will file a motion for preliminary induction this week.

The temporary restraining order was previously issued by Judge Ellen Lipton Hollander on March 20. Her ruling banned DOGE employees and contractors from accessing federal systems that store private data, including Social Security numbers, home addresses, health records, employer and employee earnings, and tax documents. The judge also ordered DOGE to delete all private data it had collected that wasn’t properly anonymized.

The legal complaint was filed against the Trump administration by three groups: the American Federation of State, County, and Municipal Employees, the American Federation of Teachers, and the Alliance for Retired Americans. They argued that letting DOGE access the Social Security database would put tens of millions of Americans at risk.

“We are pleased the 4th Circuit agreed to let this important case continue in district court. Every American retiree must be able to trust that the Social Security Administration will protect their most sensitive and personal data from unwarranted disclosure,” the executive director of the Alliance for Retired Americans, Richard Fiesta said.

Democracy Forward, a national legal organization, is representing the plaintiffs. The group noted that the Trump administration didn’t follow normal legal procedures when it appealed the restraining order, and the court’s decision to throw it out proves that. Liz Huston, speaking on behalf of the White House, said Trump still plans to fight in court. “The president will continue to seek all legal remedies available to ensure the will of the American people is executed,” she said.

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