Dogecoin Open Interest Surges, Raising Concerns

狗狗幣持倉量激增，引發擔憂

Dogecoin (DOGE) futures open interest reached an all-time high of $4.6 billion on November 23, surpassing the previous record by a significant margin. This surge indicates increased leverage demand, despite the current price being 35% below its May 2021 peak of $0.74.

狗狗幣（DOGE）期貨未平倉合約於 11 月 23 日創下 46 億美元的歷史新高，大幅超越先前的紀錄。儘管目前的價格比 2021 年 5 月的峰值 0.74 美元低了 35%，但這種飆升表明槓桿需求增加。

Traders express concern that the recent 224% rally in DOGE may have been driven by derivatives, potentially signaling a cycle top similar to the price action observed in April 2024.

交易員擔心 DOGE 最近 224% 的上漲可能是由衍生性商品推動的，這可能預示著類似於 2024 年 4 月觀察到的價格走勢的週期頂部。

DOGE Open Interest vs. Elon Musk Influence

DOGE 未平倉合約 vs. 伊隆馬斯克 (Elon Musk) 影響力

To evaluate potential risks, it is crucial to examine the funding rate of perpetual contracts. A neutral funding rate, as observed over the past month, suggests that leverage demand is balanced. The recent spike on November 23 was not indicative of typical costs due to the eight-hour reset period.

為了評估潛在風險，檢視永續合約的資金費率至關重要。過去一個月觀察到的中性融資利率顯示槓桿需求是平衡的。由於 8 小時重置期，11 月 23 日的近期高峰並不代表典型成本。

Unlike previous DOGE price surges, this recent movement was primarily driven by spot market activity. While impressive, DOGE's 161% rally through November 25 lagged behind other "dinosaur coins" such as Stellar, Cardano, and XRP.

與先前的 DOGE 價格飆升不同，最近的走勢主要是由現貨市場活動推動的。雖然令人印象深刻，但 DOGE 截至 11 月 25 日的漲幅為 161%，落後於 Stellar、Cardano 和 XRP 等其他「恐龍幣」。

It remains unclear whether the increased leverage demand for DOGE is aligned with the gains in these altcoins. However, Elon Musk's frequent social media posts about his initiative related to the newly elected US government may decouple Dogecoin from other cryptocurrencies.

目前尚不清楚 DOGE 槓桿需求的增加是否與這些山寨幣的收益一致。然而，馬斯克經常在社交媒體上發布有關他與新當選的美國政府有關的倡議的帖子，可能會使狗狗幣與其他加密貨幣脫鉤。

Given Dogecoin's unique community-driven nature and the popularity of its mascot, its price may continue to rise independently. Nevertheless, as long as leverage remains balanced, there is no immediate concern for cascading liquidations.

鑑於狗狗幣獨特的社區驅動性質及其吉祥物的受歡迎程度，其價格可能會繼續獨立上漲。然而，只要槓桿保持平衡，就不會立即擔心級聯清算。