💯$DOT This is a short liquidation event for DOT (Polkadot), where $1.0959K worth of short positions were liquidated at a price of $5.172. This means that traders who had bet on the price of📉 DOT falling (short positions) were forced to buy back the asset as its price rose, likely causing further upward pressure on the price.✅
Short liquidations can create what's known as a "short squeeze," where the buying activity from those closing their positions adds to the momentum, pushing the price even higher. This can result in significant volatility in the market.
Would you like to explore more about how short squeezes work, or how such events affect the overall market trend?🌡️
