$DOGE Oh wow, I can’t believe this round of strength wasn’t pumped out by leverage—on-chain lending got drained by 70% in a day; the financing side pulled out first, yet the spot market is still stubbornly absorbing it. The spot leverage long/short ratio is overwhelmingly long—it's gone to the point of absurdity—and they’re still doubling down. I feel like these chips are switching from fake heat to real turnover: for the past nearly three hours, spot capital has been only in and never out, not stopping even once. Active buy orders have pinned the sell orders to the ground, unable to move. It’s only half a step away from the day’s high—if the bears enter from this position, it’s basically lining up to hand fuel to the longs’ fire.