The latest data from CoinGlass shows that the last 24 hours have been pretty rough for traders, who were betting on Dogecoin (DOGE). The stats show that $1.12 million worth of long positions on DOGE were liquidated during this period.

On the flip side, short positions were liquidated for just $100,180. So, the difference between bullish and bearish liquidations came to a whopping 1,120% a day.

It seems that those who bet on DOGE growing in value over the period in question were unlucky, largely due to the performance of the largest meme cryptocurrency. 

Yesterday, the price of Dogecoin fell by as much as 5.16% in a couple of hours. Then, in an extremely narrow range, it kept dropping, hurting the bulls who thought the fall was over and started buying back the coin.

Dogecoin (DOGE) price outlook

However, this does not fully explain the difference, as there are other factors at play. At the start of the week on Monday, the price of DOGE shot up by as much as 7.28%, setting a bullish tone for the following days and prompting traders to open long positions. Eventually, this resulted in million dollar liquidations.

Is this just a normal correction, or is it the start of another big drop in Dogecoin prices after the one in early August? Unfortunately, we just do not know. What we do know is that the popular cryptocurrency is still in the spotlight and remains an attractive asset for traders.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.