Quick Look:
- Significant Liquidation: Dogecoin faced $60M in liquidations, the largest daily since May 2021.
- Market Metrics: Open interest dropped 18% to $642M; the long-to-short ratio at 0.9 bearish sentiment.
- Broader Trends: Overall crypto market declined; Dogecoin is down 8.6% weekly but up 3.8% daily.
In the past 24 hours, Dogecoin has faced a dramatic market shift, with total liquidations reaching $60 million. This significant event saw the price of Dogecoin drop below $0.12, mirroring the liquidation volume experienced by Bitcoin within the same timeframe. This marks the largest daily liquidation for Dogecoin since May 2021, highlighting a tumultuous period for the cryptocurrency.
Dogecoin Open Interest Drops 18% to $642M
Dogecoin’s trading metrics reveal a substantial drop in open interest by 18%, now valued at $642 million. The long-to-short ratio stands at 0.9, indicating a bearish sentiment in the market. Despite a weekly price decline of 8.6%, Dogecoin saw a slight daily increase of 3.8%, suggesting some short-term recovery amidst the broader downturn.
The overall cryptocurrency market is experiencing a downward trend, heavily influenced by the performance of prominent memecoins. Shiba Inu and Pepe both fell by 8.8%, while Dogwifhat suffered a steeper decline of 16.2%. Bitcoin also faced a decline of 2.88%, contributing to a total liquidation value of $444 million across the market, with $382 million specifically from long positions.
Whale Moves 99M DOGE Worth $12M to Robinhood
A significant transaction was noted when a whale moved 99,321,007 DOGE, worth approximately $12.08 million, to Robinhood. This transaction has amplified bearish sentiment and increased market volatility. Nonetheless, the Dogecoin community has shown resilience, supporting and believing in the cryptocurrency’s recovery potential.
Despite the recent downturn, there are signs of positive trends across major cryptocurrencies. Bitcoin and Ethereum have both shown signs of recovery, and there is renewed interest in Dogecoin. This renewed interest is partly driven by speculation around potential integrations of cryptocurrency into payment systems.
X CEO Hints at Crypto Integration, DOGE ETF Speculation
Linda Yaccarino, CEO of X (formerly known as Twitter), has fueled speculations about integrating cryptocurrency into X’s payment platform. The influence of Elon Musk, a known advocate of Dogecoin, could play a significant role in this potential adoption. Moreover, Arthur Hayes, a notable figure in the cryptocurrency space, has increased his bets on Dogecoin and Pendle, predicting the launch of a DOGE ETF by the end of the current cycle.
Dogecoin at $0.1256 with $977.74M Trading Volume
Currently, Dogecoin is priced at $0.1256, reflecting a daily increase of 2.42%. The trading volume is $977.74 million, although it has seen a 33% decrease. The highest price within the last 24 hours was $0.1265. Futures open interest remains steady at $645 million, indicating stable investor interest despite the recent volatility.
While Dogecoin has faced significant liquidations and price drops recently, there are indicators of market recovery and sustained investor interest, potentially bolstered by future integrations and institutional support.
