The last 24 hours have seen the combined crypto market liquidation topping $200 million from over 92,000 traders. Dogecoin (DOGE) emerged as the most impacted meme coin, with total liquidations amounting to $12.02 million, per CoinGlass data.
Traders go short on Dogecoin
As revealed by CoinGlass data, the bulk of the liquidations comes from short positions from a total of 43,231,268 DOGE in just 24 hours. While short liquidations saw over 28 million DOGE removed, long liquidations came in at approximately 14 million DOGE.
With short liquidations exceeding long liquidations by almost twice, there is an imbalance in DOGE futures trading in the last 24 hours. This difference is reflected in Dogecoin’s current price movement. The price of DOGE continues to climb, and it is majorly stimulated by short sellers being squeezed out of the market.
Within the last 24 hours, the price of DOGE has increased by 2.9% to trade at $0.2793, per data from CoinMarketCap. The trading volume also spiked by 38.41% to $2.34 billion, indicating investors’ increased activity.
More rally ahead of DOGE?
The price of DOGE might continue to climb higher as long as short sellers continue to not have their way. Another major factor to propel the price of the meme coin is a potential Dogecoin exchange-traded fund (ETF) approval.
Fox Business Journalist Eleanor Terret recently confirmed the acknowledgment of DOGE ETF filings by the U.S. Securities and Exchange Commission (SEC). According to the report, the SEC acknowledged Grayscale’s NYSE 19b-4 application for a DOGE ETF. In addition, the agency acknowledged Grayscale’s 19b-4 application to convert its XRP Trust into an ETF.
While this acknowledgment does not imply automatic approval, it indicates an open-mindedness from the regulator. An eventual DOGE ETF approval could signal the legitimacy of the asset, which could lead to increased adoption among institutions.
Meanwhile, DOGE has formed a traditional cup pattern, indicating more bullish momentum ahead.
