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certificate trading
$DOGE pricing power is NOT in spot market — many still haven't realized this.
Contract volume is ~5x spot volume for years.
Behind $1 of spot, there is $5 of perps competing. The main battlefield for price discovery is perpetuals, spot just follows.
Look at this 1M+ K-line structure:
Aug 22: Perp volume spiked to $70B+ in a single day — price peaked same day above $0.10.
After that, volume steadily shrank to a few billion since September, price faded layer by layer to ~$0.080.
Volume is the
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