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25 Million Dogecoin (DOGE) in 24 Hours, Is Market Bottom In?

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Mon, 24/06/2024 - 11:32
25 Million Dogecoin (DOGE) in 24 Hours, Is Market Bottom In?
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The broader digital currency ecosystem is under water with the price of the top assets slipping by a mile overnight. Total market liquidations have grown to $171 million in 24 hours, with Dogecoin (DOGE) coming off as one of the most impacted digital currencies.

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Dogecoin liquidation figures

Per data from CoinGlass, Dogecoin has seen a total of $3.09 million in liquidations over the past 24 hours. This figure positions the dog-themed meme coin as the third asset, after Bitcoin (BTC) and Ethereum (ETH), with the most liquidations. 

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Per the data, long traders suffered the worst capital melt-off as a total of $2.89 million was liquidated from this group. Short traders saw a total of $193,460. The total liquidations imply that more than 25 million Dogecoin were liquidated overnight, a figure that might imply the price bottom is in.

This liquidation was triggered as the price of DOGE slipped to $0.1191, down by 5% in the past 24 hours. At the current price, DOGE is now trading at one of its lowest levels over the past month, a trend that suggests a price floor might have formed.

What comes next for DOGE?

Dogecoin has very sensitive price action, often influenced by both market trends and its bullish on-chain activities. Should the bottom have finally formed, chances are that DOGE will start printing a major price rebound from the current level.

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The ambitious resurgence in the price of the coin will be fueled by whale accumulations moving forward. Additionally, sustained bullish buying sentiment, showcased by the 111% jump in trading volume to $673,997,088, might also be a catalyst that will drive price resurgence across the board.

In the short term, DOGE’s price target is set at $0.1745, the highest level it has recorded over the past month.

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