According to CoinGlass’s most recent statistics, traders who were wagering on Dogecoin (DOGE) have had a difficult 24 hours. According to the statistics, long holdings in DOGE worth $1.12 million were liquidated during this time.
Conversely, short positions were settled for a mere $100,180. Thus, there was a staggering 1,120% daily disparity between bullish and bearish liquidations.
Due in large part to the performance of the largest meme cryptocurrency, it appears that individuals who placed bets on DOGE appreciating in value over the relevant period were unfortunate.
Dogecoin’s price dropped as much as 5.16% yesterday in a matter of hours. Then it continued decreasing in a very small range, hurting bulls who believed the decline was done and began purchasing the coin back.
Dogecoin (DOGE) price outlook
However, as there are other variables at work, this does not adequately account for the disparity. On Monday, the price of DOGE surged by as much as 7.28%, indicating a positive outlook for the next days and encouraging traders to initiate long positions. This ultimately led to multimillion-dollar liquidations.
Is this only a typical correction, or is this the beginning of Dogecoin’s next major price decline, such to the one that occurred in early August? Regretfully, we simply don’t know. What is certain is that the well-known cryptocurrency is still in the news and a desirable investment for traders.
