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Dogecoin (DOGE), the king of meme coins, has registered a significant uptick in price. In the last 24 hours, the price climbed by more than 11%, setting up a liquidation imbalance of 875% within the past hour.
Bearish traders hit hard as DOGE price surges
As per CoinGlass data, bearish traders suffered more as they were stunned by the price shift. Short position traders saw $700,590 as the price of the meme coin rose steadily following a shift in broader market dynamics.
As of this writing, Dogecoin is changing hands at $0.2359, representing an 11.34% increase in the last 24 hours. DOGE soared to an intraday peak of $0.2417 before experiencing a slight decline.
The trading volume remains high as it spiked by 165.15% to $5.42 billion in the last 24 hours. This suggests that investors are excited by the increased price performance in the Dogecoin ecosystem.
Meanwhile, those betting long on DOGE also witnessed a negligible loss of $71,880 within the same time frame. The broader market dynamics and rotation of funds into altcoins have paid off for DOGE in the last 24 hours. Investors are embracing riskier assets in the market as recovery kicks in.
Additionally, Dogecoin’s correlation with Bitcoin, the flagship cryptocurrency, has supported the current rebound move of the meme coin. Notably, Bitcoin has, within this same time frame, achieved stability above the $115,000 level.
Is Dogecoin price rally toward $0.30 possible?
Interestingly, less than 96 hours ago, popular on-chain analyst, Ali Martinez, had hinted that DOGE was consolidating and preparing for a possible 40% price increase.
As highlighted by Martinez, the meme coin could take a while before it attains this level of price gain. If it materializes, the asset could hit $0.30.
A lot might rest on the activities of ecosystem bulls to push prices up to $0.30. Worthy of mention is that Dogecoin whales have been active in the last 10 days. Whales purchased a total of 400 million DOGE valued at over $90.79 million amid the price dip.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team