Dogecoin saw a notable growth trend in 2021. This remarkable feat connects to the influence of Tesla’s CEO and billionaire, Elon Musk. This billionaire is a staunch advocate of Dogecoin. His position can either raise or lower its prices.
The bearish trend in crypto markets caused most cryptocurrency assets to move south. Many of their assets experienced significant declines in value. Dogecoin also saw a decline, which is the most popular meme cryptocurrency.
However, the cryptocurrency market has made recent gains that are pushing assets to the north. Dogecoin has now broken through its resistance of $0.135 after the price rose by over 110%. Elon Musk’s Twitter deal for almost $44billion is what caused the new DOGE price spike.
Dogecoin Recorded Largest Liquidated Positions in Short Calls
The market’s total crypto liquidations stood at $261 millions over the 24 hour period. According to the record, approximately 110.99k traders were affected by their force liquidation. Following Dogecoin’s recent price jump, the token got the most considerable value of liquated coin positions.
Over $61 Million was liquidated by Dogecoin in the last 24 hours, according to details. More than 54% (or $33.11 million) of this value was liquidated in the short-term.
This suggests that many traders anticipated further declines in DOGE. Binance crypto exchange and Okex crypto exchange reported Dogecoin short-calls of approximately $7 million each in liquidation.
Whale Alert reports that over $18million worth of DOGE was transferred from Whale wallets to various crypto exchanges in the last 24 hours. The tracker’s noted highest transaction record involved a transfer of about 100 million DOGE to Binance.
Soaring Trading Volume For Dogecoin
Over the last day, DOGE’s price soared more than 25%. This new price jump is connected to recent Musk’s deal with Twitter. Twitter has also revealed its entry into NFT.
DOGE’s 24-hour trading volume has increased by 20% to $14.5 million. Dogecoin is now the top cryptocurrency ranker, surpassing Cardano and ADA.
This leading cryptocurrency is among the Top 10 Crypto Assets, and has a Market Cap of approximately $17 Billion. The price of DOGE hovers around $0.1403 at the time this article was written.
Other meme coins have received great strength from DOGE’s price recovery to initiate their rally. According to many expectations, ShibaInu may end the Dogecoin trend in the next weeks. SHIB increased 27% over the seven previous days.
Pixabay featured Image, Charts from Tradingview