Celebrating its 10th anniversary, Dogecoin, the iconic meme coin, experiences a remarkable surge of over 17%, reaching $0.103. Despite its origin as a joke, Dogecoin has evolved into the 10th largest cryptocurrency by market capitalization, emphasizing the unpredictable nature of meme coins, urging traders to exercise caution due to their susceptibility to extreme volatility.
The current surge in Dogecoin echoes the highs observed in April 2023, fueled by Elon Musk's notable endorsement when he replaced the Twitter logo with the Dogecoin logo. CoinGlass data indicates a substantial open interest of $706 million, signifying active Dogecoin derivatives trades with a notional value surpassing the highs of April 2023.
The robust surge has led to the liquidation of short positions exceeding $6.29 million in the last 24 hours, contributing to a total liquidation amount of $9.12 million, which includes $2.83 million from liquidated long positions. As Dogecoin tests a significant weekly resistance level at $0.106, it recalls previous rejections in November 2022 and April 2023.
The cryptocurrency community watches eagerly to see if Dogecoin can overcome this critical resistance at $0.106 on the weekly time frame, presenting a pivotal moment for the meme coin's trajectory.
