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$33 Mln In Dogecoin Shorts Gets Liquidated Amid Price Recovery

Altcoins

coingape.com 30 October 2022 13:00, UTC
  
Reading time: ~2 m

Dogecoin (DOGE), the world’s largest meme cryptocurrency prices skyrocketed by over 110% breaking the strong resistance at $0.135. This huge price push was supported by the $44 billion Elon Musk Twitter deal. However, market data suggests that traders have liquated a huge amount of money from Dogecoin over the past day.

What are traders expecting from Dogecoin?

As per Coinglass, over $261 million has been liquidated from the global crypto market by 110.99k traders in the last 24 hours. However, the largest amount of liquidation has been recorded from Dogecoin.

Data depicts that more than $61 million has been liquidated from Dogecoin in the last 24 hours. However, over 54% ($33.11 million) of total liquidation has been short calls. This means that most of the traders expected DOGE price to fall. While Okex and Binance have reported $7 million worth of Dogecoin short calls liquidation each.

Whale Alert reported that more than $18 million worth of Dogecoins were transferred from multiple whale wallets to different crypto exchanges in the last 24 hours. However, the largest transaction record by the tracker has been of moving almost 100 million DOGE to Binance.

DOGE 24 hr trading vol shoots up

Dogecoin price have jumped by over 25% in the last 24 hours. DOGE is trading at an average price of $0.1288, at the press time. The sudden price surge was also fueled by Twitter’s recent declaration of another advancement in the NFT market.

However, DOGE’s 24 hour trading volume skyrocketed by a whopping 207% to stand at $14.5 billion. The recent surge helped Dogecoin to barge into the top 10 cryptos. The largest meme crypto jumped over the Cardano (ADA) in the latest price movement. DOGE is holding a market cap of over $17 billion.

Dogecoin price jump has certainly helped the other meme coins to spark a rally. Coingape reported that Shiba Inu might follow DOGE over the next week. However, SHIB prices are up by 27% in the last 7 days.


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