Dogecoin (DOGE) Long Traders Stunned as Liquidation Hits $11 Million

Dogecoin Suffers Liquidation Surge for Long Position Traders

According to data from CoinGlass, Dogecoin (DOGE) traders faced severe liquidations over the past 24 hours, with long position traders incurring significant losses. This development mirrors liquidations observed in other major assets such as Bitcoin and Ethereum.

Imbalance in Long and Short Positions

DOGE's total liquidation reached $11.18 million, with long position traders contributing a significant portion of $9.90 million. Short positions accounted for a smaller liquidation amount of $1.28 million.

This striking imbalance has stemmed from DOGE's recent downward trend, as the coin struggles to stabilize its price. Following a price surge to $0.4761 earlier this month, some traders entered long positions with confidence.

However, market fluctuations have challenged these projections, with DOGE failing to recover from a decline below $0.3780. As of writing, DOGE is trading at $0.3171, representing a 5.46% decrease over the past 24 hours. Trading volume has also dropped significantly by 21.48% to $2.59 billion, reflecting the recent liquidations.

Uncertain Price Outlook

U.Today reports that Dogecoin whales recently acquired a substantial amount of DOGE, potentially anticipating a bullish reversal. However, the price outlook remains uncertain, as Dogecoin creator Billy Markus has not provided any definitive guidance on potential price peaks.

Traders and investors should monitor market trends closely and navigate the unpredictability of the cryptocurrency market to make informed decisions.