71,190,773 Million Dogecoin (DOGE) in 24 Hours, What's Happening?

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A rebound is underway for several crypto assets following a pause on trade tariffs that previously triggered significant liquidations. Within 24 hours, the crypto market saw a combined $468.45 million in liquidations affecting 131,342 traders. Dogecoin (DOGE) accounted for $11.26 million of these losses.

Short Sellers Suffer as Dogecoin Price Rebounds

CoinGlass data reveals that investors lost 71,190,773 million DOGE, representing over $11 million in fiat value. A notable imbalance emerged, with short sellers experiencing significantly higher losses than long holders. Short traders lost $6.81 million, compared to $4.45 million in losses for long position traders.

This shift resulted from a surprising price surge in DOGE. At press time, DOGE rallied 6.6%, trading at $0.1560. This unexpected increase caught many off guard, as prevailing market sentiment had predicted continued bearish pressure. Trading volume, however, decreased by 7.61% to $1.81 billion, suggesting some caution among market participants.

Dogecoin Holds its Position Against Tron

This bullish rally may help DOGE fend off concerns about Tron surpassing it in market capitalization. Recent capital inflows into Tron fueled speculation of a potential market cap flip. While DOGE's market cap briefly dipped to $22.47 billion, it has since recovered, increasing by over 7% to $23.34 billion.

This recovery appears sustainable, bolstered by positive developments within the DOGE ecosystem, including growing adoption in Europe. As reported by U.Today, 21Shares plans to list a Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange. Read original article on U.Today