DOGE has recently shown a trend of 'going to the dogs' — the price has just fallen below the $0.20 mark, dropping over 3% in the past 24 hours and down 10% over the week. It was once glorious at $0.28, but now it has been sliding down, and the atmosphere is quite 'ruff'.

However, don’t be scared by the surface; there are hidden insights in the underlying data:

🔹 Daily trading volume is $1.4 billion, with activity remaining strong;

🔹 Total trading volume has surged to $5.19 billion, up 54%, indicating that interest is still there;

🔹 Open interest in futures has dropped from 19.7 billion contracts to 15.36 billion contracts, suggesting that many people have been forced to liquidate due to leverage issues.

Here’s the key point: the largest wave of short positions is buried around the $0.208 level. If the price hits this, it could trigger a 'short squeeze' — meaning those who are forced to liquidate could lead to a price surge. The long positions, on the other hand, are more dispersed and not easily wiped out in one go, indicating that the downward pressure is also limited in the short term.