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As data from CoinGlass reveals, Dogecoin (DOGE) traders have experienced severe liquidation over the past 24 hours. Notably, long position traders of the popular meme coin recorded significant losses compared to short positions. This development comes as other notable assets, such as Bitcoin (BTC) and Ethereum (ETH), also registered liquidations.
Imbalance in long and short positions
DOGE’s total liquidation stood at $11.18 million, with long position traders accounting for a larger chunk of the figures. Long position traders’ total liquidation came in at $9.90 million. The short position had a total liquidation of $1.28 million.
Godfrey BenjaminThis has led to a huge liquidation imbalance for traders in the long position. The development flows from the performance of the last seven days. The price of DOGE has maintained a downward streak as the coin battles price stability.
The DOGE price hit $0.4761 earlier in the month as the market rallied, with anticipation building for new peaks. This boosted the confidence of some traders who went long on DOGE.
However, price fluctuations have impacted projections. The meme coin has struggled to rebound after falling below the $0.3780 price.
As of this writing, DOGE's price was trading at $0.3171, a 5.46% decrease in the last 24 hours. Trading volume has also dipped significantly by 21.48% to $2.59 billion. This aligns with the liquidation numbers registered on the Dogecoin market in the last 24 hours.
Uncertain price outlook
Meanwhile, as reported by U.Today, Dogecoin whales recently acquired 270 million DOGE valued at $89.64 million. The whales took advantage of the latest price dip and might have purchased as the coin continued consolidating. The whales have acquired anticipation of a possible bullish price rebound.
Tomiwabold OlajideThe price outlook remains uncertain for DOGE to chart a massively bullish uptrend. When asked about possible price peaks recently, Billy Markus, Dogecoin’s creator, gave no solid clue. Traders and investors alike will have to watch the market dynamics and flow with the unpredictability of the crypto space.
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