Dogecoin (DOGE) Surprises Investors, Leading the Market Rally with Double-Digit Pull-Ups for Three Consecutive Days

SHIB & DOGE Fetch 10% After Musk's Statement

Dogecoin (CRYPTO: DOGE) price surprised its investors on Monday, leading the market rally with double-digit pull-ups for three consecutive days. While Dogecoin’s price is yet to break through its yearly record of $0.22, the current run to $0.18 has been nothing short of impressive.

SHIB & DOGE Fetch 10% After Musk’s Statement

Social mentions on X triggered the surge, as Tesla (NASDAQ:TSLA) CEO Elon Musk launched a “Department of Government Efficiency” (D.O.G.E) campaign. The proposed department promises to “get the government off your back” as Musk pledges to reduce U.S. spending by $2 trillion.

I promises to reduce U.S. spending by $2 trillion if Trump becomes president and establishes the Department of Efficiency (DOGE).

$DOGE To The Mars 🚀pic.twitter.com/N20qcqxC0Q

The news from The Doge Father sat well with the Dogecoin community, popularly known as the DOGE Army. “It’s DOGE season,” declared several crypto afficionados as Dogecoin spurred to a new three-month high of $0.18 a few hours back. The bullish price action is accompanied by rising trading volume, currently at $4,296,011,386 in 24 hours.

Meanwhile, Shiba Inu (CRYPTO: SHIB) sparked a 12% daily rally multiple hours after DOGE’s price rally. According to CoinGecko, SHIB briefly tackled $0.000019 before consolidating at $0.0000188. With 54% of SHIB holders currently in profit, Shiba Inu’s way up is met with larger resistance than Dogecoin, which counts over 85% of DOGE custodians in profit.

Dogecoin Liquidation Imbalance Strikes Traders

A tsunami of short position liquidations on the Derivatives market follows the bullish outbreak in Dogecoin’s price. With a 184% upswing in volume since yesterday, Dogecoin’s stablecoin-margined futures plays breached $7 billion, while the Open Interest (OI), or unsettled plays on DOGE, inked 36.6% during the same time frame to claim $1.33B.

However, this upswing in speculative market popularity comes with nearly $14 million in overall position liquidations in 24 hours, of which a hefty $11.2 million are short positions. Dogecoin’s short sellers got battered by crypto bulls, mainly due to expectations of an imminent market correction after DOGE touched $0.145 last Sunday.

All four key on-chain signals by blockchain analytics platform IntoTheBlock flashed bullish for Dogecoin. At present, the slight daily increase in network growth and holders at a profit is paired with a 3.33% daily uptick in large investor transactions, solidifying the bullish status.

As Dogecoin is the second-largest Proof of Work (PoW) blockchain, transaction fees garnered on the network contribute to the chain’s sustainability. This makes Dogecoin stand out from the regular meme coin crowd as a relatively more stable digital asset.