$DOGE There’s oil running dry. Leverage oil has leaked to the bottom; the longs are still blocking the entrance and unwilling to leave. On-chain lending leverage shrank by more than thirty percent in half a day; the debt growth average turned negative. Hands using leverage are all pulling back at once. Spot leverage long-to-short ratio is nearing two hundred times—and within the next twelve hours it has added more than another 10%. The oil is almost gone, yet people keep squeezing in more and more. This isn’t lifting a palanquin—it’s stacking layers of bodies right before the stampede.