Dogecoin (DOGE) Traders Experience Severe Liquidation as Market Battles Price Stability

As data from CoinGlass reveals, Dogecoin (DOGE) traders have experienced severe liquidation over the past 24 hours.

Dogecoin (DOGE) traders faced heavy liquidations over the last 24 hours, according to data from CoinGlass. Notably, long position traders of the popular meme coin incurred significant losses compared to traders in short positions. This development comes as other prominent assets, such as Bitcoin (BTC) and Ethereum (ETH), also registered liquidations.

Imbalance in long and short positions

DOGE's total liquidation stood at $11.18 million, with traders in the long position accounting for a larger portion of the figures. Total liquidation for traders in the long position came in at $9.90 million. Traders in the short position had a total liquidation of $1.28 million.

This has resulted in a massive liquidation imbalance for traders in the long position. The development follows the performance of the last seven days. DOGE's price has maintained a downward streak as the coin struggles with price stability.

Earlier in the month, DOGE's price hit $0.4761 as the market rallied, building anticipation for new peaks. This boosted the confidence of some traders who went long on DOGE.

However, price movements have affected projections. The meme coin has failed to recover after falling below the $0.3780 price point.

At the time of writing, DOGE's price was trading at $0.3171, down 5.46% over the last 24 hours. Trading volume also significantly decreased by 21.48% to $2.59 billion. This aligns with the liquidation numbers registered in the Dogecoin market over the last 24 hours.

Unclear price outlook

In another development, Dogecoin whales recently acquired 270 million DOGE, valued at $89.64 million, as reported by U.Today. The whales took advantage of the latest price dip and may have purchased as the coin continued consolidating. The whales' acquisition comes amid anticipation of a bullish price rebound.

The price outlook remains unclear for DOGE to chart a massively bullish uptrend. When asked about possible price peaks recently, Billy Markus, the creator of Dogecoin, gave no solid clue. Traders and investors will have to observe the market dynamics and go with the flow given the crypto space's unpredictability.