Trading activity around the major meme cryptocurrency of the market, Dogecoin (DOGE), recently saw abnormal activity. In particular, as it became known thanks to data from CoinGlass
A recent analysis of trading activity around Dogecoin (DOGE) has revealed a striking imbalance in the liquidations of perpetual futures positions.
According to data from CoinGlass, the amount of short liquidated overtook the figure for long positions by an impressive 400%.
In total, $9.94 million worth of Dogecoin positions were liquidated, with $1.98 million being longs and $7.96 million being shorts. This imbalance is likely due to the 6% price surge shown by Dogecoin over 24 hours.
As many traders bet on the bearish side, thinking the meme coin couldn’t pull such a powerful move, the shorts ended up getting liquidated more than the longs. This trend is also seen in the broader market, where out of $201.55 million liquidated in 24 hours, $139.74 million were short positions and $61.81 million were longs.
This indicates that more traders are expecting a bull market continuation, anticipating a January that mirrors November in terms of market performance.
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