This top-ranking change is quite intense; 30 minutes ago, it was still $DOGS charging from the front row, now it’s directly $FIDA taking over, and the market sentiment has completely shifted.

$FIDA now has a 24-hour increase of 57.42%, with a price of 0.02802, an intraday high of 0.03119, a low of 0.01763, and the volatility has already maxed out.
The most eye-catching thing isn’t the increase but the funding rate, which shifted from DOGS’s +0.005% long paying fee to FIDA’s -0.3039% short paying fee.
This indicates that the market isn’t simply bullish enthusiasm but that shorts are being squeezed hard, with the detail of eight consecutive periods of short paying fees, strongly implying a short squeeze.
The position structure is also quite interesting.
$FIDA ’s open interest (OI) increased by 243.9% over 24 hours, which structurally shows a frantic influx of positions, but the 1-hour OI is actually down by 2.7%, indicating that some positions at high levels are starting to loosen.
Trading volume is $166.6 million, but OI is only $7.5 million, a combination that looks like short-term funds are rapidly turning over, not a trend built gradually over time.
The taker fee has changed from 1.05 in the previous DOGS round to 0.96 in FIDA; active buy orders aren’t as aggressive as expected, and on the long-short side, longs account for 52%, with a large account long-short ratio of 1.43, indicating that retail investors and major accounts haven’t fully sided with the shorts.
The real contrast is here.
Prices are moving along with strong gains, but the contract premium is -2.5428%, and the funding rate is deeply negative, indicating a clear dislocation between spot and futures.
This kind of market either continues to rely on short covering to push prices higher or, if OI continues to decline, the negative funding rate quickly converges, and prices can’t stay above 0.03119, the short squeeze narrative will cool off significantly.
So, what we’re watching now isn’t “how much has it risen,” but “how much short positions are left to be squeezed out.”
If $FIDA ’s OI turns positive again later and the funding rate remains deeply negative, the market will still follow the short squeeze script.
But if OI keeps falling, Taker stays below 1, and prices can’t hold above the high point, then the second half will see a change in players and a settlement.
$FIDA $DOGS # Short squeeze.
The most critical question now is: will $FIDA ’s funding rate recover close to zero first, or will the price retest the 0.03119 high first?