Dogecoin Registers 1,564.8% Liquidation Imbalance Amid Hourly Bloodbath

The Dogecoin derivatives market has remained bearish since the massive October 10 bloodbath, keeping bulls consistently underwater. 

Over the last hour, a massive $1.81 million has been liquidated in long positions as price volatility remains extreme, according to data provided by Coinglass.

The single-sided liquidation spotlighted during the period shows Dogecoin traders betting short on the meme coin barely suffered a considerable portion of the total liquidation, as only $108,740 was wiped in shorts within the hour.

1,564.8% liquidation imbalance stuns DOGE derivatives market 

With Dogecoin remaining on the bearish side of the market, its hourly liquidation heat map shows that futures short position traders have recorded a 1,564.8% liquidation imbalance against long position traders.

The wild liquidation imbalance comes amid a negative trading session where overleveraged positions were exposed to heightened liquidation risk as the broad crypto market continues to face a troubling bloodbath.

Amid the bearish liquidation trend, Dogecoin was spotted as one of the top losers among the top 10 cryptocurrencies by market capitalization, surpassing Bitcoin and Ethereum in daily price declines. Notably, Dogecoin’s price was seen changing hands at $0.1924, marking a 3.42% decline in the last 24 hours.

Dogecoin dips 20.87%

After trading at notable highs during the first week of October, the leading memecoin has suddenly flipped to the other side of the market, sparking doubts among investors.

Following the massive price dips witnessed on October 10, Dogecoin has continued to face deeper corrections, with its price struggling to retain the $0.20 level.

Over the last 24 hours, the meme coin has dropped from a peak of $0.2012 to an intraday low of $0.1882. While this trend has persisted for the past week, Dogecoin’s price has recorded a massive 20.87% decrease over the last seven days.

While this bearish sentiment has lingered for longer than usual, Dogecoin appears to be showing no signs of recovery, causing holders to trade their assets with caution.

Nonetheless, analysts believe there is hope for Dogecoin to witness a possible price reversal, but only if ecosystem bulls trigger a substantial buying volume that could fuel a sustained price surge.