Dogecoin (DOGE) has seen 23,444,976 DOGE liquidated within the last 24 hours. Data from CoinGlass shows this amounted to $7.79 million in liquidations.
Dogecoin rebounds amid market volatility
Notably, the difference between long- and short-position traders was mild, at $390,000. Long-position traders suffered a liquidation of $3.70 million.
Short positions recorded slightly more liquidations as they lost $4.09 million. This has been attributed to the rebound of DOGE on the broader crypto market.
DOGE has been down from $0.390 over the past seven days. It crashed to a low of $0.3091 on Jan. 26 before finding support to stop the free fall it witnessed.
The meme coin started its price recovery journey and has increased in the past 24 hours. As of this writing, DOGE is changing hands at $0.3341, representing a 6.43% increase in the last 24 hours.
However, the trading volume has declined by 27.26% to $2.52 billion. This highlights the reduced interest from market participants in investing in the asset. These investors might have adopted the cautious approach of observing price dynamics before committing their funds.
Broader liquidation trends across crypto market
Interestingly, most assets on the crypto market also registered more liquidations on short-position traders. Some of the coins include Bitcoin, Ethereum, Solana and XRP.
With a total liquidation of $79.06 million, Bitcoin registered $42.55 million in short positions against $36.51 million for long traders. Ethereum’s short position stood at $42.94 million compared to $22.07 million for long position traders in an obvious liquidation imbalance.
Solana’s pattern mirrored that of DOGE regarding differences between long and short positions. Solana registered a total liquidation of $17.34 million, with long positions accounting for $8.58 million, while shorts stood at $8.76 million. XRP’s total liquidation of $10.97 million comprised $4.71 million in long and $6.26 million in short positions.
