TL;DR
- Dogecoin lost $21.71 million in long liquidations after falling 7% in 24 hours, hovering near the $0.20 mark.
- Total liquidations in DOGE reached $22.33 million, while short positions only accounted for $625,930.
- DOGE’s trading volume jumped 53.33% to $2.16 billion, with some traders trying to take advantage of the drop.
Dogecoin (DOGE) went through a rough session marked by a sharp imbalance in long position liquidations. In just 24 hours, $21.71 million in bullish bets on DOGE were wiped out. The memecoin failed to meet market expectations, falling 7% to settle at $0.20 — a much steeper drop than Bitcoin’s 2.59% decline over the same period.
Data from CoinGlass showed that total liquidations in the Dogecoin ecosystem hit $22.33 million, highlighting the clear imbalance between long and short positions. Traders betting against the asset suffered minimal losses, with only $625,930 in short liquidations. This situation reveals how most of the market had been anticipating a rally that never came, triggering a cascade of forced sales.
The spike in liquidations coincided with a significant surge in trading volume. Over that same period, Dogecoin’s trading volume increased by 53.33%, reaching $2.16 billion. This figure suggests that, despite the downward pressure, some traders saw the drop as an opportunity to add to their positions, speculating on a possible short-term recovery.
Dogecoin (DOGE) Drops to a Critical Support Level — What’s Next?
Dogecoin’s price is now hovering dangerously close to a critical support level at $0.20. If that threshold breaks, the memecoin could face further losses. The persistence of this scenario will partly depend on Bitcoin’s performance, as both assets tend to move in correlation. A positive shift in BTC’s trend could slow Dogecoin’s decline.
For DOGE to stabilize and reverse its current trajectory, it would need a sustained increase in buying volume. For now, volatility remains high, and pressure continues to build against long positions
