84.9 Million Dogecoin (DOGE) Liquidated in Split Long and Short Losses

Cover image via U.Today

Data from the "first meme coin," Dogecoin (DOGE), reveals insights into investors' attitudes. According to CoinGlass, over 84.9 million DOGE worth $12.8 million were liquidated from both long and short traders in the past 24 hours.

Dogecoin Liquidation and Market Volume Surge

Long traders suffered $6.31 million in liquidations, while short traders lost over $6 million within 24 hours, indicating mild overleverage among DOGE holders.

In the last 24 hours, DOGE's price has dropped by 2.1% to $0.1556, with a market volume of $1.78 billion. However, the coin's trading volume has recently increased significantly.

As of this writing, DOGE's market volume had surged 33.10% to $2.11 billion.

Potential Bullish Momentum

Market analysts find DOGE's data intriguing. Despite the liquidations, the trading volume trend suggests optimism. Investors remain confident in the meme coin's ability to rebound.

Dogecoin is expected to form a golden cross in November 2023, a bullish signal that could drive the price higher. Analysts anticipate a potential surge to $0.50, despite the liquidation imbalance for long-to-short traders.