The broader digital currency ecosystem is underwater and the price of major assets fell a mile overnight. Total market liquidations have risen to $171 million in 24 hours, and Dogecoin (DOGE) has become one of the hardest hit digital currencies.
The broader digital currency ecosystem is underwater and the price of major assets fell a mile overnight. Total market liquidations have risen to $171 million in 24 hours, and Dogecoin (DOGE) has become one of the hardest hit digital currencies.
Dogecoin liquidation figures
By According to data from CoinGlass, Dogecoin has seen a total of $3.09 million in liquidations in the last 24 hours. This figure positions the dog-themed meme coin as the third asset, after Bitcoin (BTC) and Ethereum (ETH), with the most liquidations.
Yuri MolchanAccording to the data, long-term traders suffered the worst capital loss, with a total of $2.89 million liquidated from this group. Short traders saw a total of $193,460. The total liquidations imply that more than 25 million Dogecoin were liquidated overnight, a figure that could imply that the price has bottomed.
This sell-off was triggered when the price of DOGE fell to $0.1191, down 5% in the last 24 hours. At the current price, DOGE is now trading at one of its lowest levels in the last month, a trend that suggests a price bottom may have formed.
What’s next for DOGE?
Dogecoin has very sensitive price action, often influenced by both market trends and its on-chain bullish activities. If the bottom has finally formed, DOGE is likely to start generating a major price rally from the current level.
Tomiwabold OlajideThe coin’s ambitious price resurgence will be fueled by whale accumulations in the future. Furthermore, the sustained bullish buying sentiment, demonstrated by the 111% increase in trading volume to $673,997,088, could also be a catalyst that will drive price resurgence across the board.
In the short term, DOGE’s target price is set at $0.1745, the highest level it has recorded over the last month.
