$DOGE Longs have already knelt: rates turning negative, basis trading at a discount, and open interest shrinking by nearly one-tenth in just seven hours—leveraged funds are voting with their feet; whoever steps in next is the fool. In the spot market, the long-to-short leverage ratio is cut in half in half a day. While the longs are de-leveraging, they’re also getting beaten. This isn’t value-picking; it’s a meat grinder. The “dog” riggers don’t even pretend anymore—just keep pushing the shorts.