$DOGE Short Squeeze Ignites – $2.8M in Bear Bets Wiped Out

Market Pulse: Derivatives data reveals a powerful squeeze in motion.

Over the last 24 hours, $2.8 million in short positions were liquidated, compared to just $711K in longs.

What’s Happening:

With open interest rising 7.3% to $3.73 billion, leveraged traders had built up a heavily bearish bias—setting the stage for a violent reversal.

As price broke above key levels, margin calls triggered forced buybacks, amplifying upward momentum.

Notable Detail:

Spot trading volume actually dropped 41%, suggesting this move is being driven more by futures and leverage than organic demand.

Key Level to Watch:

A sustained close above $0.24 could unlock further upside toward $0.27—the July high watermark.