Dogecoin (DOGE) Rockets 925% in 24 Hours in Abnormal Liquidation Imbalance

09/03/2024 22:11
Dogecoin (DOGE) Rockets 925% in 24 Hours in Abnormal Liquidation Imbalance

Dogecoin traders faced dramatic shake-up as short positions were destroyed with $842,560 in liquidations

Dogecoin traders faced dramatic shake-up as short positions were destroyed with $842,560 in liquidations

Dogecoin (DOGE) Rockets 925% in 24 Hours in Abnormal Liquidation Imbalance

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As data from CoinGlass shows, the last 24 hours have been painful for traders who were bearish on Dogecoin (DOGE). Thus, short positions opened with derivatives on the popular meme cryptocurrency took a significant hit, with total liquidations of $842,560. 

It does not seem like much in the realm of the crypto market, but compared to the data on long positions, this is hot. For example, during the period under review, liquidations of long positions on DOGE totaled $91,640. 

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Source: CoinGlass

This puts the liquidation imbalance between bulls and bears at a staggering 925%. 

Reasons

How is this possible, one might ask. As always, the answer can be found on the Dogecoin price chart. From the 2nd to the 3rd of September, the price of the major meme cryptocurrency soared by over 6%, regaining the $0.10 price mark at the peak of the rise. 

Most of this growth came in three hours, when DOGE added 3% in two consecutive hours yesterday, and 1.45% today. As a result, bears, especially latecomers, and those who had bet on the meme coin's fall to $0.0942 were liquidated, thus contributing to the price's upward kickoff.

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DOGE to USD by CoinMarketCap

Interestingly, however, today the price of the meme coin delivered on the bearish side, but only after a crazy 925% imbalance was recorded. Currently, in the last hour and a half, the price of Dogecoin has fallen by 2.91%. Dogecoin is now trading at $0.098 per coin.

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DOGE Time? Dogecoin Gears up for Epic Comeback

In conclusion, we can see that the roller coaster price action is back, but nevertheless, it is the end of a boring market - at least for now.

About the author

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Gamza Khanzadaev

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.

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