- Dogecoin long positions faced $594,130 in liquidations after a brief dip from the $0.2129 peak within just four hours.
- A 1,000% liquidation imbalance against long traders revealed intense market volatility as DOGE briefly dropped to $0.1973.
- DOGE volume surged 36.01% to $3.36 billion, indicating continued whale activity and investor confidence despite the recent pullback.
Dogecoin traders who placed bullish positions suffered significant losses over the past four hours as the cryptocurrency faced a swift pullback. CoinGlass data shows that long positions on Dogecoin recorded $594,130 in liquidations as the price retreated after an earlier surge.
The price of Dogecoin recently climbed to $0.2129, fueled by strong buying volume and heightened market activity. However, the uptrend reversed temporarily, causing the price to fall to $0.1973. This sudden decline led to widespread liquidations among leveraged long traders expecting continued gains.
Imbalance Signals Trader Pressure
The liquidation event resulted in a 1,000% imbalance against long traders, indicating intense pressure on bullish positions. Despite this, short traders also experienced liquidations, though on a much smaller scale. Approximately $53,980 was wiped out from short positions during the same period.
Following the brief decline, Dogecoin managed to reclaim the $0.20 mark and is currently trading around $0.2016. This price represents a modest 1.45% increase over the last 24 hours, suggesting a level of stability despite recent volatility.
Volume and Whale Activity Surge
Transaction volume for Dogecoin rose significantly during the same timeframe, climbing 36.01% to reach $3.36 billion. This increase was largely driven by whale accumulation and rising market participation. The data indicates that large holders continue to transact high amounts of DOGE despite the recent liquidation.
Although the brief drop triggered notable liquidations, Dogecoin has shown resilience by recovering key levels swiftly. Market participants appear largely unfazed by the liquidation event, pointing to sustained interest in the meme coin’s performance.
The broader sentiment in the Dogecoin ecosystem remains positive. With whale investors increasing their holdings, confidence seems intact as activity continues to rise. The latest data reflects that short-term fluctuations have not deterred overall momentum in the DOGE market.
