$DOGS rose 49.5%, but positions actually fell 11.8%. Trading volume is 547M, yet OI is only 14M—this volume-price divergence feels a bit too much, doesn’t it?

If you’re the one chasing the high, just admit you grew up drinking Yan Hui Village’s water.

In 30 days it’s nearly doubled. Now at this level, the funding rate is negative; shorts are paying money. The long-short ratio is 46/54, with shorts holding the advantage. Normally, such a rally should cause positions to surge, but OI is shrinking—either profit-taking is happening, or someone is pumping volume through wash trading.

The ratio of trading volume to open interest is 38x; for normal coins it’s only 5-10x. These numbers look really off. With a 7-day increase of 163% and a 30-day increase of 189%, short-term sentiment is already overheated. With such a huge long-short split right now, the risk of chasing the high is clearly getting amplified.

Even though shorts are paying, positions are decreasing—this suggests someone is closing longs at high levels. Is this move a shakeout or a top? Honestly, it’s hard to tell right now. Anyway, I won’t blindly chase at this level; I’ll mainly stay on the sidelines and wait for the market to give a clear signal.
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