With the recent price drop, Dogecoin is seeing mass liquidation of traders. However, interest from large investors is on the rise.
Dogecoin Market and Liquidation Losses
Dogecoin (DOGE) has faced a significant decline, falling 8.55% over the last week and over 3% in the last 24 hours. CoinGlass data shows that there is a massive liquidation of positions among traders betting on a decline, with total short liquidations amounting to $106,770.
Whale Movements Amid Price Decline
Amid the price decline, over one billion DOGE has flowed into whale wallets, indicating that these holders are taking advantage of the dip to increase their portfolios. This accumulation is one of the largest in the last 30 days and may signal a possible reversal in the meme coin sector.
Future Prospects for Dogecoin
Despite current challenges, there are signs of renewed interest in Dogecoin. At the start of the trading week, the market reacted with a spike in open interest, potentially indicating future price growth.
The price decline of Dogecoin and active movements by large investors could indicate changes in market dynamics. Traders should closely monitor the evolving situation.
