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Dogecoin (DOGE) has stunned bears in the last hour after it registered a 528,408% liquidation as the meme coin saw a slight rebound. CoinGlass data shows that short position traders lost $37,630 in the last hour following the slight increase in price.
Dogecoin's massive liquidation spike rattles short sellers
Notably, Dogecoin added a few cents from a low of $0.1324 to an intraday peak of $0.1374. This mild gain caused an astronomical liquidation on the hourly chart for the meme coin. The development left short-position traders with unexpected losses as they were betting on a continued downward fluctuation.
Long traders were almost not impacted, as only $7.12 was wiped out within the same time frame of one hour. Attention is now on the king of meme coins to see if it can sustain the current gain and continue on an upward trajectory.
As of press time, Dogecoin exchanged hands for $0.1377, which represents a 1.32% increase in the last 24 hours. However, investors betting on the meme coin are yet to rekindle their interest, as trading volume is significantly down by 20.95% to $1.22 billion.
According to the market outlook, the gain in DOGE’s price came as the meme coin hit the oversold zone. This triggered short-term buying interest that might linger if traders actively engage the asset.
ETF momentum fades as retail traders await clear direction
Despite the slight gain, a more worrisome development has emerged in the Dogecoin market. Notably, DOGE whales have gone silent, causing a significant drop in network activity to the lowest point in the last 60 days.
Meanwhile, on the exchange-traded fund (ETF) front, the product plunged by about 80%, losing its initial momentum as inflows ceased. This also had a massive impact on the price, as many were anticipating the ETF could act as a catalyst for a further increase.
Now, retail holders are looking to see how the market plays out and if the current increase signals recovery. The next couple of days might clarify Dogecoin’s direction.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team