u.today
Data emerging from the "first meme coin," Dogecoin (DOGE), reveals an interesting insight into investors’ outlook toward the asset. As seen on CoinGlass, over the last 24 hours, over 84.9 million DOGE worth $12.8 million were liquidated from both long and short traders.
Dogecoin liquidation and market volume boost
A critical analysis of the figures shows that total liquidation was $12.8 million. Of this amount, long traders suffered a liquidation of $6.31 million, while short traders suffered over $6 million liquidation in 24 hours.
This suggests that more DOGE holders or investors in the community remain mildly overleveraged on the market. As the market receded in price over the weekend, both long and short traders suffered the liquidation.
According to CoinMarketCap data, in the last 24 hours, DOGE is down by 2.1%, as it trades at $0.1556. The meme coin has experienced wild fluctuation as it bounced from a low of $0.1431 and a market volume of $1.78 billion. Per the current outlook, the coin’s trading volume is up significantly.
As of this writing, DOGE’s market volume had climbed 33.10% to $2.11 billion.
Will DOGE golden cross build bullish momentum?
Despite the gloom, market trend observers consider DOGE’s figures interesting and note that amid the liquidation, the trading volume trend sparks optimism. That is, other investors have confidence in the meme coin's ability to rebound and soar to new levels.
According to an earlier U.Today report, after a one-year wait, Dogecoin looks likely to achieve a golden cross, which it last recorded in November 2023. DOGE also hit a golden cross in 2022, with many trend watchers projecting another bullish signal to appear this November for the meme coin.
Analysts remain optimistic despite the liquidation imbalance of an approximately one-to-three ratio for long-to-short traders. They say DOGE could rebound to a new high of $0.50.