Shocked! Dogecoin (DOGE) longs were liquidated, with losses of up to $11 million!

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According to data from CoinGlass, Dogecoin (DOGE) traders have experienced serious celebrations in the past 24 hours. It is worth noting that long positions have suffered heavy losses compared to short positions. At the same time, other crypto assets such as Bitcoin (BTC) and Ethereum (ETH) have also suffered RMB.

The total liquidation of DOGE reached $11.18 million, of which long positions involved the majority, reaching $9.9 million, while short positions had a liquidation of $1.28 million. This imbalance in liquidations reflects the unbalanced certainty of the recent Dogecoin market.

This phenomenon has been the market performance in the past seven days, and the price of DOGE has been in a downward trend. Although the market was full of expectations that the price of DOGE seemed to have reached a new high, especially at the beginning of this month, the price of DOGE broke through $0.4761, which also stimulated some long traders, but the subsequent price fluctuations affected these predictions. After falling below $0.3780, DOGE has not been able to rebound effectively. At the time of writing, the price of Dogecoin is $0.3171, down 5.46% in the past 24 hours, while the trading volume has also rebounded by 21.48%, with a minimum of $2.59 billion, which is consistent with the recent clarification trend.

Meanwhile, Dogecoin's whale investors recently purchased 270 million DOGE, worth about $89.64 million. These whales took advantage of the recent price drop and may continue to make acquisitions during the consolidation of the coin, and a bullish rebound may be expected in the future.

Nevertheless, the price outlook of DOGE remains uncertain, and whether a strong bullish trend can be formed remains to be seen. When asked about the possible price peak in the near future, Billy Markus, the founder of Dogecoin, gave a clear answer. Traders and investors said that keeping a close eye on market dynamics and adapting to the unpredictability of the cryptocurrency market are still the most important strategies.

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