Dogecoin’s Wild Ride: 23,354% Liquidation Frenzy!

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Dogecoin, that mischievous pup of the crypto world, has outdone its more staid cousin Bitcoin in the art of liquidation, spiking by 23,354% in a single hour. One might say the meme coin has taken the phrase “liquidation imbalance” to new heights-though perhaps not the ones its traders had in mind. 🐕💸

Dogecoin bulls lose over $2 million as market hype fades

CoinGlass data reveals that Dogecoin bulls were wiped out of $2.05 million, a sum that would make even a seasoned investor feel like a lost soul in a labyrinth of despair. The liquidation occurred as DOGE nose-dived after the broader crypto market fell by 2.67%, a reminder that even the most enthusiastic traders can’t outwit the laws of gravity. 🧠📉

Bitcoin’s price stall negatively impacted altcoins, and this triggered massive liquidation for Dogecoin. As the price dropped, Dogecoin traders went for profit, further increasing the sell-off and liquidation pattern. One might say the market was a veritable circus of chaos. 🎪

Dogecoin quickly dropped from a peak of $0.1485 to its current level. As of this writing, Dogecoin is changing hands at $0.1398, which represents a 5.42% decrease in the last 24 hours. The development has affected traders’ sentiments, which, if they were any more fragile, would require a doctor’s note. 🩺

Currently, trading volume has dropped by 25.43% to $1.66 billion as bearish sentiments grow in the ecosystem. The memecoin’s price has reversed previous weekly gains of 15.67%. Prior to the sharp decline, Dogecoin was selling near the $0.16 resistance-now a distant memory, much like the hope of a successful investment. 🕳️

Meanwhile, short traders suffered a mild loss of $8,740 when DOGE slipped briefly to $0.1393. Dogecoin’s recovery might depend on Bitcoin’s next move and the memecoin’s ability to hold the $0.135 support. Any further slips might delay the leading memecoin’s rebound move in the market, leaving traders in a state of perpetual suspense. 🤯

Golden Cross Hopes Fade as DOGE Eyes $0.135 Support

Notably, Dogecoin kicked off 2026 with a golden cross setup and spike in volume. The bullish signal had raised hopes of DOGE’s move to $0.2. However, those gains have been eliminated by the current liquidation development and declining volume. One might say the market’s mood swings are as unpredictable as a British summer. ☔

It is likely that for Dogecoin to shake off the current bearish outlook, traders need to revive their buying interest. As reported by U.Today, a recent 118% volume surge pushed DOGE up by 8% as the market rebounded. Yet, in the world of crypto, even a rebound can feel like a slow march to the gallows. 🕊️

However, with the broader crypto market down, it might take a huge catalyst to activate the memecoin. The next 24 to 48 hours will determine the crypto market’s performance as investors await the U.S. policy direction. One can only hope the answer is as clear as a foggy morning in London. 🌫️

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2026-01-08 18:25