{"5b02a26f5628c42aa499c46b7e161f04":" Cover image via U.Today","f38a88375206773624031163cb0a3677":"Dogecoin (DOGE), the king of meme coins, has suffered severe liquidation in the last 12 hours. This was triggered by intense volatility, which resulted in an over 10% price drop within the last 24 hours. According to CoinGlass'sliquidation heat map, approximately $58 million worth of assets have been wiped out within this period.","e1a685fb070e462da29423dcbd145026":"DOGE long traders face severe losses amid capital rotation","0dd7c98f0af8c200eda12b5faf51f39b":"Notably, Dogecoin bulls suffered the greater loss in the liquidation imbalance as $56,520,000 was lost by long position traders. These traders were betting on a bullish price for DOGE, but the prevailing market volatility has dashed market expectations.","4de02e3cdeeb989685c93216c33b6c21":"Primarily, the market rotated, with capital shifting to Bitcoin from altcoins. Within the last 24 hours, the Altcoin Season Index fell by over 11.5% as Bitcoin regained dominance. This development has reduced the amount of funds investors are willing to commit to the meme coin.","8c6646fc908b8e69d607dbb1adb9cc2c":"The shift triggered profit-taking among retail traders as they panicked amid the declining price outlook. As of press time, Dogecoin's price waschanging hands at $0.2397, which represents a 10.95% decline in the last 24 hours.","558acf5f22d3a1918eda650591e41dc4":"Despite the severe liquidation, trading volume remains in the green, up by 181.28% to $4.83 billion. This huge volume could be from large holders or other investors, who remain bullish in the midst of the temporary setback. These groups are arguably accumulating the meme coin at a lower value before it rebounds again.","7fc0e573acae2e893adc1cc7d974bff3":"Short position traders have not been left out of the losses triggered by Dogecoin\u2019s volatility. These traders saw $1.47 million of bets wiped out within the same 12-hour period.","2917085f6522f09d3bd1f7d36bf53008":"Can Dogecoin rebound above $0.30?","80493a0199b3b8845bd5c464c93b1b75":"With Dogecoin still holding above the $0.23 resistance zone, this has fueled hopes of a possible swift recovery for the meme coin. The asset might recover if Bitcoin, the leading crypto asset, begins to show positive growth.","37db64a4698cc66bc06c22a4141f271f":"Interestingly, despite capital rotation into Bitcoin, the flagship crypto coin remains down by 2.44% as it trades at $112,902.41. If there is a price surge, Dogecoin might ride on it to begin its recovery journey toward the elusive $0.30 target. Investors are still anticipating anunexpected price explosion, and that explains the volume spike.","c708aaed4cb46c2225dd93da6e425981":"Within the last 10 days, Dogecoin confirmed agolden cross with a price surge to cancel out the death cross that appeared toward the end of August. If ecosystem bulls continue to show support, the meme coin might rebound soon enough.","b042a8db72985ce9ba3511170db6d1b7":" Read original article on U.Today"}