But the account ratios say plenty. On crypto exchange Binance, more than three accounts held long (or bets on higher prices) DOGE positions for every one holding a short (bets on lower), and on OKX the ratio was above five to one.

While that does not mean three times as much money is betting on higher prices, as every futures contract has a buyer and a seller, it indicates that more traders are choosing the bullish side while the price keeps sliding.

Those positions become the pressure point if DOGE slides further, however. A leveraged bet that runs out of collateral gets closed automatically by the exchange, which means selling the position into the market, and a cluster of those closing together adds fresh selling to a market already going down.

DOGE trades at 7 cents in Asian morning hours Thursday, down 3%, the only major lower while the rest of the market edged up.