Dogecoin (DOGE), a popular meme cryptocurrency, continues to gain traction in the market. Recent data reveals interesting trends in liquidations and future forecasts.
Overview of DOGE Liquidations
According to CoinGlass data, the total liquidation volume for DOGE in the last hour was $3,610,204.82. Of this amount, long position holders contributed $3,610,000, while short positions accounted for only $204.82.
This resulted in an imbalance of 1,761,899%, with nearly all the impact felt by long position traders. Fueled by bullish sentiment in the crypto market, these traders expected further increases in DOGE's price, which, however, did not materialize.
Comparison with Cardano in Market Cap
DOGE's recent rally has propelled it to the eighth-largest cryptocurrency by market capitalization. With a market cap exceeding $40.7 billion, DOGE has surpassed Cardano (ADA), which now ranks ninth with a market cap of $31.6 billion. This significant achievement underscores DOGE's rising popularity amid market fluctuations.
Market Predictions and Analysis
DOGE has increased by 7.9% over the past 24 hours, setting the price at $0.2713. Daily trading volume has surged by 62% to $6.27 billion, indicating that investors are accumulating more of the meme currency.
Furthermore, DOGE has shown a 53% rise in the third quarter of the year, breaking a six-year bearish trend. Billy Markus, co-founder of Dogecoin, also expressed optimism about the possibility of DOGE reaching $1 in the future.
Dogecoin continues to establish itself in the meme cryptocurrency market, displaying significant volatile movements. Traders and analysts await further price changes and successes in the future.
