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Dogecoin (DOGE) long position traders have once again faced disappointment as a significant liquidation event impacted the meme coin's market. Following initial rebound signals, many traders anticipated continued positive momentum, but market volatility led to a downturn.
Dogecoin longs impacted as $6.33 million liquidated
Data from CoinGlass reveals that Dogecoin experienced total liquidations of $7.36 million over the past 24 hours. A substantial portion of this, $6.33 million, was attributed to the liquidation of long positions due to shifts in price action. These traders had anticipated a sustained recovery based on initial price increases, but the inherent volatility of the cryptocurrency market prevented this from occurring.
Short position traders experienced comparatively smaller losses, with liquidations totaling $1.03 million. This suggests a lower level of short exposure in the market.
At the time of writing, Dogecoin is trading in the red, having declined by 2.74% to a price of $0.1711 over the last 24 hours, according to CoinMarketCap.
Despite the price decrease, trading volume has increased by 28.23% to $1.25 billion within the same period. This increase indicates that some investors may be capitalizing on the price dip to accumulate more of the meme coin at a lower price point.
It is currently uncertain whether large Dogecoin holders are driving the recent surge in volume. However, investors are hopeful that sustained volume growth could potentially trigger a reversal in the current price trend. Recent activity showed Dogecoin whales transacting over $23 billion worth of DOGE within 24 hours.
DOGE market cap ranking falls behind Tron (TRX)
The Dogecoin community is experiencing some apprehension as the meme coin encounters downward pressure within the broader crypto market. As predicted, Dogecoin has recently ceded its eighth-place ranking by market capitalization to Tron (TRX).
Dogecoin previously held a lead of approximately $580 million over Tron, but slower price appreciation resulted in Tron surpassing it. One potential positive aspect of the current market situation is that Bitcoin is also undergoing a price correction. Dogecoin investors are hopeful that a rebound in the leading cryptocurrency could potentially be mirrored by DOGE. Read original article on U.Today