Dogecoin (DOGE) has once again drawn attention after significant trader liquidations betting on its price rise.
Liquidations of Dogecoin Long Positions
In the last 24 hours, the total liquidation of Dogecoin stood at $7.36 million. Out of this, long position traders saw $6.33 million wiped out as price dynamics shifted, resulting in losses. These investors were betting on a sustained recovery.
Overall Trader Losses
Short position traders recorded about one-sixth of the losses suffered by long position traders. A total of $1.03 million was liquidated from short positions, indicating less exposure in the market.
Market Situation and Outlook
As of press time, Dogecoin remains in the red zone, declining by 2.74% to trade at $0.1711. However, trading volume has witnessed an uptick of 28.23% to $1.25 billion, suggesting investors are using the price dip to accumulate the asset. There are concerns within the Dogecoin community as it recently lost the eighth position in market capitalization to Tron (TRX). Investors remain hopeful for a rebound in Bitcoin, which could potentially lead to a rise in DOGE.
Thus, the current situation surrounding Dogecoin highlights the high volatility in the cryptocurrency market, with investors awaiting potential recovery.
