$DEGEN is showing a bearish sentiment beneath the surface, even though the price has been climbing.

Open interest is rising across Binance, OKX, and Bybit, and the funding rates are sitting in the negative zone. That tells us traders are stacking short positions, expecting the price to cool down or reverse.

The token did move up from about 0.001328 on November twenty eight to 0.001466 on December eight, with a quick peak at 0.001539 on December seven. But that climb happened while shorts kept increasing, which usually signals a speculative squeeze rather than genuine strength.

Clear signal: DEGEN is bearish according to derivatives positioning.

DEGENUSDT

Perp

0.001556

-3.59%