according to materials from the site - By CFU
Dogecoin traders who held long positions have incurred significant losses over the last four hours as the cryptocurrency faced a sharp pullback. CoinGlass data shows that long Dogecoin positions were liquidated for a total of $594,130 as the price retreated after a previous rise.
The price of Dogecoin recently rose to $0.2129, driven by high buying volume and increased market activity. However, the upward trend temporarily reversed, causing the price to fall to $0.1973. This sudden drop led to mass liquidations among traders with long positions using leverage, who were expecting a continuation of the rise.
The imbalance signals pressure on traders.
The liquidation caused an imbalance of 1000% against long positions, indicating strong pressure on bullish positions. Despite this, traders with short positions also faced liquidations, although on a much smaller scale. Over the same period, short Dogecoin positions were liquidated for about $53,980.
After a brief decline, Dogecoin managed to reclaim the $0.20 mark and is currently trading around $0.20. This price shows a modest increase of 1.45% over the last 24 hours, indicating some stability despite recent volatility.
Sharp increase in trading volume and 'whale' activity.
The transaction volume of Dogecoin has significantly increased over the same period, rising by 36.01% to reach $3.36 billion. This growth was mainly driven by 'whale' accumulation and increased market participation. Data indicates that large holders continue to make significant transactions with DOGE despite the recent liquidation.
Although the brief decline triggered significant liquidations, Dogecoin demonstrated resilience, quickly recovering to key levels. Market participants appear to be generally unconcerned about the liquidation, indicating sustained interest in the dynamics of the meme coin.
Overall sentiment in the Dogecoin ecosystem remains positive. With an increase in whale investor portfolios, confidence seems to remain strong, and activity continues to grow. Recent data suggests that short-term fluctuations have not affected the overall dynamics of the DOGE market.