25 Million Dogecoin (DOGE) in 24 Hours, Is Market Bottom In?

The broader digital currency ecosystem is under water with the price of the top assets slipping by a mile overnight. Total market liquidations have grown to $171 million in 24 hours, with Dogecoin (DOGE) coming off as one of the most impacted digital currencies.

Dogecoin liquidation figures.

Per data from CoinGlass, Dogecoin has seen a total of $3.09 million in liquidations over the past 24 hours. This figure positions the dog-themed meme coin as the third asset, after Bitcoin (BTC) and Ethereum (ETH), with the most liquidations.

Per the data, long traders suffered the worst capital melt-off as a total of $2.89 million was liquidated from this group. Short traders saw a total of $193,460. The total liquidations imply that more than 25 million Dogecoin were liquidated overnight, a figure that might imply the price bottom is in.

This liquidation was triggered as the price of DOGE slipped to $0.1191, down by 5% in the past 24 hours. At the current price, DOGE is now trading at one of its lowest levels over the past month, a trend that suggests a price floor might have formed.

What comes next for DOGE?

Dogecoin has very sensitive price action, often influenced by both market trends and its bullish on-chain activities. Should the bottom have finally formed, chances are that DOGE will start printing a major price rebound from the current level.

The ambitious resurgence in the price of the coin will be fueled by whale accumulations moving forward. Additionally, sustained bullish buying sentiment, showcased by the 111% jump in trading volume to $673,997,088, might also be a catalyst that will drive price resurgence across the board.

In the short term, DOGE's price target is set at $0.1745, the highest level it has recorded over the past month.