Recent data shows that over 84.9 million Dogecoin (DOGE) tokens were liquidated in the last 24 hours, totaling approximately $12.8 million in losses. The figures from CoinGlass indicate that both long and short traders faced significant losses in DOGE trades. Long traders incurred $6.31 million in liquidations, while short traders experienced slightly over $6 million. This split highlights an overleveraged DOGE market, where both types of positions faced losses as the asset’s price fluctuated.
DOGE Market Volatility and Trading Volume
DOGE’s price declined over the weekend, impacting investors on both ends of the trade. Data from CoinMarketCap shows a 2.1% drop in DOGE’s price, bringing it to $0.1573 at the time of reporting. The meme coin saw its price bounce from a low of $0.1431, with a trading volume that initially hit $1.78 billion.
Source: CoinMarketCap
However, in the last 24 hours, DOGE’s trading volume has climbed significantly. As of this report, the trading volume surged by 33.1%, reaching $2.11 billion. Despite recent volatility and liquidation pressures, some market analysts remain optimistic about DOGE’s potential.
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They observe that the recent uptick in trading volume shows continued interest in the asset, suggesting that investors remain hopeful for a rebound. Many DOGE supporters are confident in the meme coin’s ability to regain value and potentially reach new highs. This optimism reflects the market’s belief that DOGE could still perform well despite the current short-term losses.
Golden Cross Anticipation Fuels Hopes for Future Gains
The prospect of a golden cross—a bullish technical indicator where a short-term moving average crosses above a long-term moving average—has fueled further optimism among DOGE investors. Dogecoin last achieved a golden cross in November 2023, following a similar event in 2022.
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Analysts believe DOGE could achieve another golden cross in the coming month, potentially signaling the beginning of a bullish trend. Many believe DOGE could rise to a new high of $0.50, despite the recent imbalance of liquidations between long and short traders.
The positive outlook reflects growing sentiment that DOGE could rebound, offering potential gains for investors as the market stabilizes.
