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.

过去一天，狗狗币上涨了约 10%，但期货市场上的多头正在堆积，这可能值得关注。

Dogecoin Funding Rate Attains Highly Positive Values After Rally

狗狗币资金费率在反弹后达到很高的正值

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.

正如链上分析公司 Santiment 所解释的那样，随着期货市场上多头头寸的建立，DOGE 交易员押注价格将继续上涨。

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.

这里的兴趣指标是“币安融资利率”，它跟踪币安上狗狗币期货合约持有者目前相互交换的定期费用。

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.

当该指标的值为正值时，这意味着多头投资者为持有当前头寸而比空头投资者支付溢价。这种趋势意味着大多数市场持有看涨情绪。

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，负值意味着看跌心态是该行业的主导力量，因为目前 DOGE 空头交易者的数量超过了多头交易者。

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

现在，下面的图表显示了过去一个月狗狗币币安资金费率的趋势：

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

最近几天该指标的值似乎为正 |来源：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.

如上图所示，随着 Meme 币价格的最新上涨，币安上的狗狗币融资利率最近变得非常积极。

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.

这意味着投机者已经抓住了这个机会，并押注价格将继续上涨。自从最近的期货热潮中多头开始堆积以来，该资产一直呈上升趋势，这表明这些交易员的押注到目前为止已经得到回报。

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，如果以历史为鉴的话，对于 DOGE 来说，长期占据主导地位的市场通常不会有好的结局。从图表中可以看出，币安融资利率的类似峰值与过去几周加密货币的局部峰值一致。

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.

之所以存在这种模式，是因为随着期货市场多头头寸的积累，多头挤压发生的可能性就变得很大。

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).

“挤压”是指价格突然波动导致该行业出现一连串清算的事件。这种一连串的清算只会使波动更加剧烈，从而延长反弹/崩盘的时间（取决于市场的哪一方首当其冲）。

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.

当多头数量多得多时，与空头相比，这种瀑布般的清算自然对他们来说更容易。因此，虽然狗狗币目前正处于强劲势头，但任何回调都可能导致多头挤压，这可能导致该资产出现显着回撤。

DOGE Price

狗狗价格

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

在最近的反弹之后，狗狗币自 4 月份以来首次飙升至 0.087 美元的水平。

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

DOGE 在过去一天中观察到了一些快速增长 |来源：TradingView 上的 DOGEUSD