Dogecoin Joins Most Liquidated Altcoins In 24 Hours, What Next for DOGE?

Dogecoin Traders Witness Heavy Liquidations Amidst Price Volatility

According to data from CoinGlass, Dogecoin (DOGE) traders have experienced significant liquidation activity in the past 24 hours.

Liquidation Figures

The total liquidation for DOGE reached $11.85 million, with short positions contributing over 60% of the losses. Short traders faced liquidations of $7.61 million, while long traders recorded $4.24 million.

Short Position Dominates Liquidations

The liquidation imbalance heavily impacted short-position traders. Analysts believe this development may have been influenced by DOGE's volatile price action in the past seven days. The price experienced sharp fluctuations, with any gains dissipating shortly after.

Market-Wide Liquidations

Dogecoin was not the only asset affected by the liquidations. Bitcoin (BTC) and Ethereum (ETH) also witnessed heavy liquidations, primarily among short-position traders. Bitcoin's total liquidation amounted to $61.26 million, with short traders accounting for $47.13 million.

Dogecoin Price Rebound and Market Sentiment

In the past 48 hours, Dogecoin's price has shown signs of recovery, jumping by 5% to $0.3722. This rebound has fueled investor interest, evident in the surge in trading volume. The current price places DOGE approximately 50% below its all-time high (ATH) of $0.7376.

Community Optimism and Future Outlook

Despite Dogecoin's inability to surpass the $0.40 resistance level, holders remain optimistic. Data from Binance exchange reveals that over 81% of all Dogecoin positions are long. The Dogecoin Foundation is also working on protocol updates.

The future trajectory of DOGE remains uncertain, influenced by predictions and speculations. Elon Musk's occasional bullish statements continue to provide momentum for the memecoin. Market participants hope that Bitcoin's recent surge could positively impact DOGE's price.