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Like the data from CoinGlass revealed, Dogecoin (DOGE) traders experienced a serious selloff over the past 24 hours. Notably, traders with long positions of the popular coin have recorded significant losses compared to short positions. The development comes as other notable assets, such as Bitcoin (BTC) and Ethereum (ETH), have also seen liquidations.
Imbalance between long and short positions
The total DOGE liquidation amounted to $11.18 million, with long traders accounting for a larger share of the numbers. The total liquidation of traders in long positions amounted to $9.90 million. The short position had a total liquidation of $1.28 million.
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This led to a huge liquidation imbalance for long traders. The development stems from the performance of the last seven days. DOGE price has maintained a downward trend as the coin struggles with price stability.
DOGE price reached $0.4761 earlier in the month as the market recovered, with anticipation of new highs. This boosted the confidence of some traders who went long on DOGE.
However, price fluctuations have impacted the projections. The meme coin struggled to rebound after falling below the price of $0.3780.
At the time of writing, DOGE price was trading at $0.3171, down 5.46% over the past 24 hours. Trading volume also decreased significantly, by 21.48%, to $2.59 billion. This matches the liquidation figures recorded on the Dogecoin market over the last 24 hours.
Uncertain price outlook
Meanwhile, as reported by U.Today, Dogecoin whales recently acquired 270 million DOGE worth $89.64 million. Whales took advantage of the latest price drop and could have bought as the coin continued to consolidate. Whales have acquired anticipation of a possible bullish rebound in prices.
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The price outlook remains uncertain for DOGE to chart a massive uptrend. When recently asked about possible price increases, Billy Markus, the creator of Dogecoin, didn’t give any solid ideas. Traders and investors will need to monitor market dynamics and adapt to the unpredictability of the crypto space.