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Dogecoin five-minute futures trading volume surges by 654%, indicating the emergence of aggressive leveraged positions near a local low. Although Dogecoin remains in a downtrend, below the 50-day moving average, this surge suggests that as downward momentum weakens, speculative interest is picking up. Spot trading volume continues to fluctuate, so sustained recovery requires confirmation of spot demand. Breaking above the 50-day moving average is crucial for the bulls, but volatility and significant pullbacks remain risks.