33 million in short dogecoin positions liquidated amid price recovery

Dogecoin (DOGE), the world’s largest crypto meme, soared more than 110% as it broke strong resistance at $0.135. This huge price surge was supported by Elon Musk’s $44 billion Twitter deal. However, market data suggests that traders have liquidated a huge amount of Dogecoin money over the past day.

What do traders expect from Dogecoin?

According to Coinglass, more than $261 million has been liquidated from the global crypto market by 110.99k traders in the last 24 hours. However, the largest amount of liquidation was recorded for Dogecoin.

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The data shows that more than $61 million was liquidated on Dogecoin in the last 24 hours. However, more than 54% ($33.11 million) of the total liquidation were short calls. This means that most traders were expecting a drop in the price of Dogecoin. While Okex and Binance reported a liquidation of $7 million in Dogecoin short calls each.

Whale Alert reported that more than $18 million in Dogecoins were transferred from several whale wallets to various crypto-currency exchanges in the past 24 hours. However, the largest transaction recorded by the tracker was moving nearly 100 million DOGE to Binance.

DOGE’s 24-hour volatility is on the rise

The price of dogecoin has jumped more than 25% in the past 24 hours. DOGE is trading at an average price of $0.1288, at press time. The sudden price increase was also fueled by Twitter’s recent declaration of a new advance in the NFT market.

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However, DOGE’s 24-hour trading volume soared 207% to $14.5 billion. The recent surge has allowed Dogecoin to break into the top 10 cryptos. The largest crypto meme surpassed Cardano (ADA) in the latest price movement. DOGE holds a market capitalization of over $17 billion.

Dogecoin’s price rise has certainly helped other meme currencies spark a rally. Coingape reported that Shiba Inu may follow DOGE over the next week. However, SHIB prices have risen 27% in the past 7 days.

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