In the last 24 hours, the regent of the meme realm, Dogecoin (DOOGE), did a minuscule dance of recovery upon the crypto stage, its price ascending by 3.04%-a mere flicker in the grand scheme of things, yet enough to send tremors through the hearts of long-position traders. 🧙♂️💸
Dogecoin’s trading volume declines amid liquidation
According to CoinGlass data, Dogecoin long traders, in the last one hour, recorded a tempest of liquidations, a 343,069% imbalance against short trades. Notably, the long position lost $148,880 within 60 minutes as the price shifted, a spectacle as thrilling as watching a toddler attempt to balance a teacup. 🧸
CoinMarketCap data reveals that the Dogecoin price climbed from a low of $0.2088 to hit a peak of $0.224. As of press time, Dogecoin is changing hands at $0.2161, representing a 0.65% increase despite fluctuations in performance. A victory for the underdog, or just a temporary reprieve? 🏆
The meme coin’s trading volume has, however, declined by a significant 21.52% to $2.61 billion. This suggests that the gains from the price rebound might not stabilize unless ecosystem investors step up their activities-perhaps by finally remembering to buy the dip. 🧠
Dogecoin had raised the hopes of many market participants of sustained upward movement after it formed a bullish golden cross on its daily chart less than 10 days ago. Many were anticipating a sustained rally toward the $0.30 level, but broader crypto market uncertainties prevented it from happening. A tale as old as time: “Almost there!” 🕰️
Meanwhile, short position traders also recorded a negligible loss of $43.39 within the same time frame. A tiny victory for the underdogs, but not enough to save their dignity. 😅
Analysts predict Dogecoin consolidation before breakout
Despite these developments, Ali Martinez, a renowned on-chain analyst, believes that Dogecoin is in a consolidation triangle. The analyst insists that if the market conditions are right, DOGE could surge by as much as 40% in the price outlook. A 40% surge? More like a 40% gamble. 🎲
The meme coin has, however, continued to battle volatility, and Bitcoin’s stagnation in price has also not helped with the movement. Given DOGE’s correlation to Bitcoin (BTC), the meme coin is likely to sustain its gains if BTC appreciates. A symbiotic relationship, or just a desperate hope? 🤷♂️
Some have blamed the current volatility on the concerns of DOGE holders about a possible Qubic network takeover. A tale as thrilling as a Shakespearean tragedy, yet far less likely to end in a happy marriage. 🧙♀️
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2025-08-21 17:05