New data on Dogecoin (DOGE), the “first meme coin,” reveals investor perspective and market events surrounding this popular cryptocurrency. Liquidated by both long and short traders, a massive amount of 84.9 million DOGE (roughly $12.8 million) were liquidated over the past 24 hours according to CoinGlass, cementing the volatile trading environment.
These figures tell us a little more about how they played out: more or less, long traders were hit the hardest, losing $6.31 million, whereas short traders were not far behind with liquidations of $6 million. It’s a trend that suggests that many DOGE holders may be overleveraged as both categories of traders lost out during the recent price drop.
Optimism Surrounds Dogecoin as a Golden Cross Approaches
At press time, according to the latest reports DOGE is trading at $0.1556, down 2.1% in the last 24 hours. The meme coin has been on the money, dropping to an all time low of $0.1431 with the market volume at $1.78 billion. DOGE’s trading volume has also seen an increase of 33.10 percent as it hit a notebale $2.11 billion.
But as we all know, the current figures are very interesting as it shows a very uptick in trading volume on the market despite the liquidation events and that probably indicates a good amount of investor confidence around DOGE recovery.
Dogecoin lends its own optimism to that as reports suggest the crypto will soon hit a golden cross a bullish indicator last spotted in November 2023. Analysts said that last year there was another similar event happening, which fuels the expectations of another bullish trend this November.
With a current liquidation imbalance of roughly one long liquidation for three shorts, analysts still believe Dogecoin can recover to new heights, pegging it at $0.50. Now as the market deals with this turbulence, Dogecoin, and its community have shown us a resilience that’s apt to entice investment.
