Usman Salis
Dogecoin (DOGE) just had a crazy day with long traders getting absolutely crushed - we're talking about a massive 1,000% liquidation imbalance that hit in just four hours. The meme coin's latest price swings have left many traders wondering what the hell just happened.
DOGE Price Volatility Wipes Out Long Traders
The crypto market has been going nuts lately, and Dogecoin found itself right in the middle of some serious chaos. According to CoinGlass data, long traders who were betting on DOGE going higher got completely blindsided when the price took a sudden nosedive.
In just four hours, these bullish traders watched $594,130 vanish into thin air as Dogecoin pulled back from its recent highs. Meanwhile, short traders only lost about $53,980 during the same period - creating that insane 1,000% liquidation imbalance that's got everyone talking.
The whole mess started when DOGE dropped to $0.1973, catching all those leveraged long positions off guard. But here's the thing - the meme coin didn't stay down for long. It quickly bounced back above the $0.2 level and is now trading at $0.2016, which is actually up 1.45% over the past 24 hours. Not too shabby for a coin that just went through liquidation hell.
DOGE Price Gets Boost from Massive Volume Surge
What's really interesting is that this wasn't just random market noise. DOGE had earlier shot up to $0.2129 with some serious volume backing it up. Even now, with all the drama, trading volume is still up a whopping 36.01% at $3.36 billion.
That kind of volume doesn't lie - it shows there's real interest in DOGE, not just speculation. The fact that it's holding above $0.2 despite the recent liquidation bloodbath suggests the bulls aren't giving up just yet.
Can DOGE Price Keep the Rally Going?
Here's where it gets interesting. Despite all the volatility, plenty of people still think DOGE could end July on a high note. Sure, historically July isn't DOGE's best month, but the current setup looks different.
The big players (whales) have been busy accumulating DOGE like crazy. Market activity jumped over 300% after a previous bounce, which usually means the smart money thinks higher prices are coming. When whales start loading up, it's often a good sign that something big is brewing.
The fact that volume is still sky-high even after this liquidation mess shows that traders aren't running scared. If anything, many are probably seeing this dip as a buying opportunity. With momentum still strong and whales continuing to accumulate, DOGE price could very well surprise everyone and close July in the green.
Usman Salis
