According to U.Today, the digital currency market has experienced a significant downturn, with the value of top assets, including Dogecoin, plummeting overnight. The total market liquidations have surged to $171 million within 24 hours. Dogecoin, in particular, has been heavily impacted, with liquidations amounting to $3.09 million over the same period. This places the dog-themed meme coin as the third most liquidated asset, following Bitcoin and Ethereum.
Long traders have been hit the hardest, with a total of $2.89 million liquidated from this group. Short traders, on the other hand, saw a total of $193,460 in liquidations. These figures suggest that more than 25 million Dogecoin were liquidated overnight. This significant liquidation was triggered as the price of Dogecoin dropped to $0.1191, a 5% decrease in the past 24 hours. Currently, Dogecoin is trading at one of its lowest levels over the past month, indicating a potential price floor.
Dogecoin's price is highly sensitive and is often influenced by market trends and bullish on-chain activities. If a price floor has indeed been established, it is likely that Dogecoin will experience a significant price rebound. This potential resurgence in the coin's price could be driven by whale accumulations and sustained bullish buying sentiment, as evidenced by the 111% increase in trading volume to $673,997,088. In the short term, Dogecoin's price target is set at $0.1745, the highest level it has recorded over the past month.
