Over the past day, the popular meme coin Dogecoin (DOGE) has seen significant fluctuations, resulting in an imbalanced liquidation situation. These swings have caused substantial losses for traders who had wagered on the coin’s continued price increase.
Longs take fall as Dogecoin retraces gains
Based on CoinGlass’s information, during this period, the change in price erased approximately 15.83 million dollars’ worth of Dogecoin (DOGE). Interestingly, long sellers experienced a greater loss as 13.72 million dollars in investments were lost due to the imbalance in liquidation.
In this scenario, the arrangement worked against long position traders, causing them a loss approximately six times greater than that of short sellers. Conversely, short sellers experienced a loss of around $2.11 million.
Initially trading at approximately $0.2312 and showing signs of further increases similar to those of Bitcoin, DOGE experienced an unexpected drop, bottoming out at $0.2238. This sudden downturn took many long-term investors off guard, as it contradicted the predictions they had made for its growth.
At present, the Dogecoin value was being exchanged at approximately $0.2283, indicating a 1.80% drop over the past day. Yet, this decrease seems to indicate that the meme currency is regaining strength after dipping to $0.2238 in earlier trades, hinting at a potential recovery.
Despite its significant potential, sellers persisted in their active selling strategy to mitigate additional losses. The trading volume dropped significantly, falling by an impressive 38.45%, down to approximately $1.99 billion during that timeframe.
Attempts by DOGE to regain the price point of $0.23 have encountered obstacles, suggesting that a steady improvement for investors may take more time.
Can DOGE rebound before May ends?
It’s worth noting that the value of Bitcoin (BTC) liquidations mirrored a previous instance. Traders holding long positions incurred losses amounting to approximately $115.57 million, while those with short positions lost around $37.90 million. The net result was total Bitcoin liquidation losses standing at about $153.47 million.
It indicates that Dogecoin not only experienced similar growth as Bitcoin, but it also followed a comparable pattern when it came to sell-offs or liquidations.
As numerous cryptocurrencies are being sold off, there’s a question about whether Dogecoin can rewrite its past successes in the remaining seven days of May. Market observers eagerly await to find out if Dogecoin holds the potential to yield returns for investors.
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2025-05-24 17:40