25 Million Dogecoin (DOGE) in 24 Hours, Is Market Bottom In?

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As a researcher with a background in cryptocurrency markets and a keen interest in Dogecoin (DOGE), I’ve been closely monitoring the recent market turbulence that has affected the broader digital currency ecosystem. The sudden price drops, totaling $171 million in liquidations over the past 24 hours, have left many assets underwater. Among them, Dogecoin stood out as one of the most impacted digital currencies, with a total of $3.09 million in liquidations.

In simple terms, the value of many digital currencies, including Dogecoin (DOGE), plummeted significantly overnight, causing a ripple effect throughout the digital currency market. The total value of transactions made in these currencies within the last 24 hours reached $171 million due to this downturn.

Dogecoin liquidation figures

According to CoinGlass’s statistics, Dogecoin recorded a total of $3.09 million in liquidations during the last 24 hours. This amount ranks Dogecoin as the third asset with the highest liquidation volume, trailing behind Bitcoin and Ethereum.

Based on the findings from my research, long traders endured the most significant losses with a total of $2.89 million being wiped out. Conversely, short traders experienced comparatively smaller losses amounting to $193,460. The substantial liquidations equated to over 25 million Dogecoins, which could potentially suggest that the price bottom may have been reached.

The liquidation occurred when DOGE‘s price dipped to $0.1191, representing a 5% decrease in value within the last 24 hours. Currently, DOGE is exchanging hands at one of its lowest prices seen over the past month. This downward trend hints that a support level could be emerging.

What comes next for DOGE?

As a researcher studying Dogecoin’s price behavior, I can assert that this cryptocurrency is known for its volatile nature, with its price movements heavily influenced by both prevailing market trends and bullish on-chain activities. If we have reached the bottom of its recent price decline, then it is likely that Dogecoin will experience a significant price recovery from its current level.

The significant revival in the coin’s price can be attributed to whales’ continued accumulation, which is expected to further boost prices. Moreover, the surging buying enthusiasm among investors, as evidenced by the substantial increase in trading volume to $673,997,088, may act as a powerful catalyst for the overall price surge.

For the near future, the optimal price for DOGE is predicted to reach $0.1745, which is its highest mark in the last 30 days.

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2024-06-24 14:39