Dogecoin has seen a rise of about 10% during the past day, but longs are piling up on the futures market, which may be something to keep an eye on.

過去一天，狗狗幣上漲了約 10%，但期貨市場上的多頭正在堆積，這可能值得關注。

Dogecoin Funding Rate Attains Highly Positive Values After Rally

狗狗幣資金費率在反彈後達到很高的正值

As explained by the on-chain analytics firm Santiment, DOGE traders are betting on the price rise to continue as long positions are being opened on the futures market.

正如鏈上分析公司 Santiment 所解釋的那樣，隨著期貨市場上多頭頭寸的建立，DOGE 交易員押注價格將繼續上漲。

The indicator of interest here is the “Binance funding rate,” which keeps track of the periodic fee that Dogecoin futures contract holders on Binance are exchanging with each other right now.

這裡的興趣指標是“幣安融資利率”，它追蹤幣安上狗狗幣期貨合約持有者目前相互交換的定期費用。

When the value of this metric is positive, it means the long investors are paying a premium to the short ones in order to hold onto their current positions. Such a trend implies the majority of the market holds a bullish sentiment.

當該指標的值為正值時，這意味著多頭投資者為持有當前頭寸而比空頭投資者支付溢價。這種趨勢意味著大多數市場持有看漲情緒。

On the other hand, negative values imply a bearish mentality is the dominant force in the sector as the DOGE short traders are outweighing the longs at the moment.

另一方面，負值意味著看跌心態是該行業的主導力量，因為目前 DOGE 空頭交易者的數量超過了多頭交易者。

Now, here is a chart that shows the trend in the Dogecoin Binance funding rate over the past month:

現在，下面的圖表顯示了過去一個月狗狗幣幣安資金費率的趨勢：

The value of the metric appears to have been positive in recent days | Source: Santiment on X

近幾天該指標的值似乎為正 |來源：X 上的 Santiment

As displayed in the above graph, the Dogecoin funding rate on Binance has turned highly positive recently as the latest rise in the meme coin’s price has taken place.

如上圖所示，隨著 Meme 幣價格的最新上漲，幣安上的狗狗幣融資利率最近變得非常積極。

This implies that speculators have jumped onto the opportunity and are betting on the price rise to continue. Since the longs have started piling up in this latest futures mania, the asset has only continued to trend up, suggesting that the bets of these traders have paid off so far.

這意味著投機者已經抓住了這個機會，並押注價格將繼續上漲。自從最近的期貨熱潮中多頭開始堆積以來，該資產一直呈上升趨勢，這表明這些交易員的押注到目前為止已經得到回報。

However, if history is anything to go by, the market being heavily long dominated has generally not ended well for DOGE. From the chart, it’s visible that similar spikes in the Binance funding rate coincided with local tops in the cryptocurrency during the last few weeks.

然而，如果以歷史為鑑的話，對於 DOGE 來說，長期佔據主導地位的市場通常不會有好的結局。從圖表中可以看出，幣安融資利率的類似高峰與過去幾週加密貨幣的局部高峰一致。

The reason why such a pattern may exist is that as the futures market accumulates long positions, the chances of a long squeeze taking place become significant.

之所以有這種模式，是因為隨著期貨市場多頭部位的積累，多頭擠壓發生的可能性就變得很大。

A “squeeze” refers to an event where a sudden swing in the price unleashes a cascade of liquidations on the sector. This cascade of liquidations only makes the swing sharper, thus extending the rally/crash (depending on which side of the market is taking the brunt).

「擠壓」是指價格突然波動導致該產業出現一連串清算的事件。這種一連串的清算只會使波動更加劇烈，從而延長反彈/崩盤的時間（取決於市場的哪一方首當其衝）。

When longs are much more in number, such a waterfall of liquidations is naturally easier on their side as compared to the shorts. Thus, while Dogecoin is riding on some sharp momentum right now, any pullback might result in a long squeeze, which could lead to the asset registering a notable drawdown.

當多頭數量多得多時，與空頭相比，這種瀑布般的清算自然對他們來說更容易。因此，雖然狗狗幣目前正處於強勁勢頭，但任何回調都可能導致多頭擠壓，這可能導致該資產顯著回撤。

DOGE Price

狗狗價格

Following the latest rally, Dogecoin has surged towards the $0.087 level for the first time since April.

在最近的反彈之後，狗狗幣自 4 月以來首次飆升至 0.087 美元的水平。

DOGE has observed some rapid growth in the past day | Source: DOGEUSD on TradingView

DOGE 在過去一天中觀察到了一些快速增長 |來源：TradingView 上的 DOGEUSD