Dogecoin (DOGE) futures open interest hit a record $4.6 billion on Nov. 23, doubling the previous peak. This surge suggests increased leverage demand, even as DOGE trades 35% below its May 2021 high of $0.74. The recent 224% rally from Nov. 3 to Nov. 23 has traders wary of a potential cycle top, echoing past market behaviors. Unlike previous rallies, this one is driven by spot market activity, not derivatives. DOGE's rise, while notable, trails behind other altcoins like Stellar and Cardano. As long as leverage stays balanced, major liquidations seem unlikely.