Dogecoin (DOGE) Witnesses Abnormal 1,120% Imbalance in Bull Liquidations

Dogecoin Traders Face Sharp Losses amid Liquidations

Data from CoinGlass reveals a turbulent 24 hours for traders betting on Dogecoin (DOGE). A staggering $1.12 million worth of long positions were liquidated, while short positions saw modest liquidations of $100,180.

The massive 1,120% daily disparity between bullish and bearish liquidations highlights the risk for those who anticipated DOGE appreciation. The plunge in DOGE price, which reached 5.16% within hours, caught many traders off guard.

Dogecoin Outlook Remains Uncertain

While the sharp price decline contributed to the liquidations, other factors also influenced the market. DOGE's surge at the start of the week, reaching 7.28%, encouraged traders to open long positions. However, this optimism proved short-lived.

It remains unclear whether this is merely a correction or the start of a more significant decline following DOGE's early August drop. Despite the uncertainty, Dogecoin continues to attract trader interest due to its popularity and volatility.