33,412,604 Dogecoin Liquidation Imbalance Stuns DOGE Long Traders

Dogecoin Bulls Suffer Liquidation Wave Amid Price Plunge

Key Points:

• Dogecoin (DOGE) experienced significant long-position liquidations.
• Long traders lost $6.91 million compared to $1.53 million lost by short traders.
• The price decline from $0.2918 to $0.2396 triggered the long-position liquidations.
• Increased trading volume suggests renewed investor interest.

Dogecoin's price faced a downturn in the past 24 hours, leading to substantial liquidations of long-position traders. According to CoinGlass data, long-position traders lost 33,412,604 DOGE, valued at $8.44 million, while short-position traders recorded only $1.53 million in losses.

This liquidation imbalance extended to Bitcoin, Ethereum, and Solana, indicating broader market volatility. The price decline in DOGE came after a brief surge above $0.29, which raised hopes of a bullish run. However, the subsequent drop below $0.24 triggered liquidations for long traders.

Analysts emphasize the unpredictability of the cryptocurrency market, which can experience sharp price fluctuations. At the time of writing, DOGE was trading at $0.251, a 1.52% decrease within 24 hours.

Despite the price decline, investors remain optimistic about a potential rebound. Trading volume has increased by 54.26% to $1.48 billion, suggesting renewed investor interest.

Similar to the price increase on February 7th, which was accompanied by a surge in trading volume, experts anticipate a recovery in DOGE. The rise in Open Interest, with over $2.2 billion committed to a Dogecoin surge, could further support positive price action.