Data show that Dogecoin (Doge) liquidation is largely liquidated because its price has dropped sharply over the past day.
Dogecoin has traced some of its latest recovery
After violating the $0.25 level that started this week, the trend seems to turn to Dogecoin again as its price has taken the trend once in the past day.
The following figure shows Memecoin’s recent price action.
The price of the coin seems to have gone through bearish action most recently | Source: DOGEUSDT on TradingView
As can be seen in the picture, Dogecoin has a price as low as $0.217 in this crash, but the coin has rebounded a bit since since, as it is back to $0.227 now. Despite the rebound, Doge has remained nearly 10% in the red over the past 24 hours.
Most other cryptocurrencies in the past are also red, but Doge is still one of the worst performers of the market cap best price. That said, Memecoin is still the best when considering last week’s schedule, as its price has risen by more than 34% in this window.
Speaking of market cap, Doge is currently the eighth largest cryptocurrency in the industry, leading Cardano (ADA).
Looks like the memecoin's market cap is $33.7 billion at the moment | Source: CoinMarketCap
Doge and other coins just saw significant water
The result of bearish price action in the cryptocurrency industry is that liquidation has accumulated on derivatives exchanges. “Liquidation” here refers to a powerful closure process that must go through after accumulating a specific percentage of losses.
Given that Dogecoin is more volatile than most people in the past and that member usually attracts highly speculative interest, it is expected that when it comes to liquidation, the assets will be there. In fact, data from Coinglass will confirm this.
The liquidations related to the various symbols that have occurred during the past 24 hours | Source: CoinGlass
As shown in the above hot map, Dogecoin has signed a $22.5 million contract in the past 24 hours, the fourth largest contract in the entire industry. During these periods, more than $19 million of those positions were long-term positions, which was a natural result of most price action during this period.
Although Doge’s liquidation itself is important, they are pale compared to the figures of Bitcoin ($154 million) and Ethereum ($136 million), demonstrating the gap in speculation between AltCoins and the two cryptocurrency giants.
Overall, the digital asset industry has exceeded $610 million in liquidation, with a flush of about $489 million in long-term investors alone.
The latest data related to the total market liquidations | Source: CoinGlass
Dall-E, Coinglass.com, Featured Images of CoinMarketCap.com, TradingView.com Charts
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