In recent hours, traders who opened long positions on Dogecoin faced significant losses. Data shows that liquidations amounted to $594,130 following a sharp price dip.
Liquidation of Long Positions
The price of Dogecoin reached a peak of $0.2129; however, a sharp decline soon followed, dropping the price to $0.1973. This drop caused widespread liquidations among traders expecting continued market growth.
Imbalance and Trader Pressure
The liquidation event resulted in a 1,000% imbalance against long positions, indicating intense pressure on bullish positions. Meanwhile, short traders also faced liquidations, though to a lesser extent, with approximately $53,980 lost.
Volume Surge and Whale Activity
Transaction volume for Dogecoin surged by 36.01% to $3.36 billion. This increase was mainly driven by whale accumulation and rising market participation. Data indicates that large holders continue to transact high amounts of DOGE despite the recent liquidation.
Despite the sharp decline and the resultant liquidations, Dogecoin has shown stability by reclaiming the $0.20 level. The positive sentiment within the Dogecoin ecosystem remains intact, reflecting high interest in the cryptocurrency.
