In the span of a mere twenty-four hours, the tumultuous realm of cryptocurrency has witnessed a staggering liquidation, surpassing the sum of $200 million, affecting over 92,000 beleaguered traders. Among these, the ever-volatile Dogecoin (DOGE) has emerged as the most beleaguered of the meme coins, suffering a liquidation of $12.02 million, as chronicled by the diligent scribes at CoinGlass.
Traders Take a Gamble on Dogecoin
According to the meticulous records of CoinGlass, the lion’s share of these liquidations has been attributed to short positions, with a staggering 43,231,268 DOGE vanishing into the ether in the span of a single day. While the short sellers saw over 28 million DOGE evaporate, the long positions, bless their optimistic hearts, only lost about 14 million DOGE.
With short liquidations outpacing long ones by nearly a factor of two, one cannot help but notice the disarray in the DOGE futures market. This peculiar imbalance is mirrored in the current price trajectory of Dogecoin, which, much to the chagrin of the short sellers, continues its upward ascent, buoyed by the frantic squeezing of those who dared to bet against it.
In the last twenty-four hours, the price of DOGE has risen by a modest 2.9%, now trading at the princely sum of $0.2793, as reported by the ever-reliable CoinMarketCap. The trading volume has also surged by an impressive 38.41%, reaching $2.34 billion, a clear indication of the frenzied activity among investors, who seem to be treating this market like a game of musical chairs.
Is a DOGE Rally on the Horizon?
It appears that the price of DOGE may continue its upward trajectory, provided the short sellers remain thwarted in their endeavors. Another tantalizing prospect that could propel the price of this whimsical coin is the potential approval of a Dogecoin exchange-traded fund (ETF).
Recently, the astute journalist Eleanor Terret from Fox Business has confirmed that the U.S. Securities and Exchange Commission (SEC) has acknowledged the filings for a DOGE ETF. According to her report, the SEC has taken note of Grayscale’s NYSE 19b-4 application for a DOGE ETF, alongside their application to convert the XRP Trust into an ETF. Quite the busy bees, aren’t they?
While this acknowledgment does not guarantee an automatic approval, it does suggest a certain openness from the regulatory body. An eventual approval of a DOGE ETF could very well signal the asset’s legitimacy, potentially leading to a surge in institutional adoption. Who knew that a meme coin could aspire to such heights?
In the meantime, DOGE has formed a traditional cup pattern, hinting at a bullish momentum that may lie ahead. One can only hope that the traders are prepared for the rollercoaster ride that is sure to follow! 🎢
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2025-02-15 17:04