As a seasoned researcher with years of experience tracking digital assets, I find the latest developments surrounding Dogecoin (DOGE) intriguing. The recent liquidation of over 84.9 million DOGE worth $12.8 million within 24 hours paints an interesting picture of market sentiment towards this meme coin.
Information derived from the pioneering meme currency, Dogecoin (DOGE), offers a compelling glimpse into investors’ perspectives on this asset. According to CoinGlass, within the last 24 hours, approximately 84.9 million DOGE, equivalent to $12.8 million, was liquidated from both long and short positions.
Dogecoin liquidation and market volume boost
A critical analysis of the figures shows that total liquidation was $12.8 million. Of this amount, long traders suffered a liquidation of $6.31 million, while short traders suffered over $6 million liquidation in 24 hours.
It appears that a significant number of Dogecoin investors within our community might still be carrying a moderate level of market leverage. Over the weekend, as the market experienced a price dip, both long-term bullish and short-term bearish positions were forced to close, due to the impact of market movements on their leveraged positions.
As an analyst, I’ve observed that over the past 24 hours, Dogecoin (DOGE) has seen a decrease of approximately 2.1%, currently valued at $0.1556. Notably, this meme coin has shown considerable volatility, dipping to a low of $0.1431 and generating a trading volume of around $1.78 billion. At present, the trading volume is noticeably higher than usual.
As of this writing, DOGE’s market volume had climbed 33.10% to $2.11 billion.
Will DOGE golden cross build bullish momentum?
Although the overall market atmosphere is somber, analysts find Dogecoin’s statistics intriguing. Even during this downturn, the increase in trading volume hints at optimism. Essentially, other investors are hopeful that the meme coin will recover and reach unprecedented heights again.
Based on an earlier report from U.Today, it appears that after a delay of one year, Dogecoin could potentially experience a ‘golden cross’ again. This was last observed in November 2013, and some analysts are predicting another bullish signal for the meme coin around November this year.
Despite a significant disparity between long and short positions, with long positions being about three times more frequent than short ones, analysts maintain their positive outlook on Dogecoin (DOGE). They predict that the coin may reach a fresh high of around $0.50.
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2024-11-04 15:34