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Data from the “first meme coin,” Dogecoin (DOGE), reveals an interesting insight into investors’ outlook on the asset. As seen on CoinGlass, in the last 24 hours, over 84.9 million DOGE worth $12.8 million was liquidated from long and short traders.
Dogecoin Liquidation and Increase in Market Volume
A critical analysis of the figures shows that the total liquidation amounted to $12.8 million. Of this amount, long traders suffered a liquidation of $6.31 million, while short traders suffered a liquidation of over $6 million in 24 hours.
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This suggests that more DOGE holders or investors in the community remain slightly overindebted on the market. As market prices fell over the weekend, both long and short traders suffered liquidation.
According to CoinMarketCap dataOver the past 24 hours, DOGE is down 2.1%, as it trades at $0.1556. The meme coin saw strong swings as it bounced from a low of $0.1431 and a market volume of $1.78 billion. According to the current outlook, the trading volume of the coin has increased significantly.
At the time of writing, DOGE’s market volume had climbed 33.10% to $2.11 billion.
Will the DOGE Golden Cross Create Bullish Momentum?
Despite the gloom, market trend watchers view DOGE’s numbers as interesting and note that amid the selloff, the trading volume trend is cause for optimism. In other words, other investors have confidence in the ability of the same coin to rebound and reach new levels.
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According to a previous report from U.Todayafter a year of waiting, Dogecoin appears likely to reach a golden cross, which it last recorded in November 2023. DOGE has also reached a golden cross in 2022, with many trend watchers predicting the appearance of another bullish signal in November for the meme coin. .
Analysts remain optimistic despite the liquidation imbalance of about one to three ratio for long-short traders. They say DOGE could bounce to a new high of $0.50.