Oh, the drama in the world of cryptocurrency! The past 48 hours have been a rollercoaster ride for Dogecoin (DOGE) traders, with a whopping 1,000% liquidation imbalance in just four hours. Talk about a plot twist!
Long traders left in tears as Dogecoin takes a breather
According to CoinGlass data, long position traders betting on Dogecoin have been hit hard by a sudden price pullback. In the last four hours, these brave souls have seen a staggering $594,130 wiped out from their accounts. Ouch!
This liquidation set DOGE up with a 1,000% liquidation imbalance for long traders who were hoping for more price gains. But hey, short traders also experienced some mild liquidation within the same period. A total of $53,980 was recorded for those betting against the meme coin.
The massive 1,000% liquidation imbalance came as volatility hit Dogecoin amid its bullish recovery. The meme coin had earlier soared to $0.2129, supported by surging volume. As of this writing, Dogecoin is exchanging at $0.2016, which represents a 1.45% increase in the last 24 hours.
Despite the temporary decline to $0.1973, which triggered the liquidation, the meme coin has reclaimed the $0.2 price level. It’s currently trading sideways, but volume remains up by 36.01% at $3.36 billion, a crucial factor that could support its upward journey.
Can DOGE regain its mojo?
Despite the volatility, some market participants still believe that Dogecoin could close July on a bullish note. While historical data doesn’t favor DOGE much, optimism of a shift remains high given technical indicators and the outlook of the meme coin so far.
Meanwhile, investors in the ecosystem have been busy transacting large volumes of the meme coin. Recently, market activity surged by over 300% after a previous bounce as whales accumulated the asset in a move that suggests rising confidence.
The sustained volume in the Dogecoin space signals that the liquidation doesn’t move market participants. If momentum continues, prices could rebound higher. Fingers crossed for our fellow DOGE enthusiasts!
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2025-07-12 16:34