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According to CoinGlass data, Dogecoin had a double-digit daily gain on Feb. 25 after a concentrated wave of short liquidations erased $1.57 million in bearish positions within a single hour. The forced closures happened at the same time as a sharp intraday rebound that pushed DOGE above $0.10, marking one of its strongest sessions this month.
On Binance's DOGE/USDT daily chart by TradingView, the token was trading near $0.1007 after hitting an intraday high of $0.1026, which is more than a 10% increase for the day. This happened after a few sessions of price movement around the $0.095-$0.098 range, where buyers kept up with the supply. As the price went up, leveraged short positions were unwound quickly, one after the other.
Dogecoin rallies as $1.57 million in shorts face total hourly liquidation
From a market structure perspective, the rally seems to be more of a short squeeze for Dogecoin than a confirmed trend reversal. DOGE is still below the key descending resistance levels one can see on the daily time frame. But the big comeback to the $0.10 level, along with signs of forced short covering, is likely to change how people feel in the near future.
Liquidation data shows that $1.57 million in short positions were erased, while long liquidations were minimal at $119,640. In the last 24 hours, the total amount of DOGE liquidations hit $5.14 million, with shorts accounting for $4.09 million — so, the imbalance was mostly one-sided.
This episode unfolded against a backdrop of $341.21 million in crypto positions being liquidated market-wide in 24 hours. Bitcoin and Ethereum led the way, but the fact that DOGE shorts were so concentrated shows how things can change really quickly when liquidity dries up and volatility goes up amid the slightest sign of overleverage.
Dan Burgin
Vladislav Sopov