Short Dogecoin Positions Worth $33 Million Gets Liquidated Amid Price Recovery

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Last Updated on October 30, 2022 by Bitfinsider

The price of Dogecoin (DOGE), the largest meme-based cryptocurrency in the world, soared by over 110%, breaking the $0.135 resistance level. This enormous price increase was justified by Elon Musk’s $44 billion Twitter acquisition. Nonetheless, market data indicates that dealers have liquidated a substantial quantity of Dogecoin in the past day.

According to Coinglass, almost $261 million has been liquidated from the global cryptocurrency market in the last 24 hours by 110,999,000 dealers. However, Dogecoin has the most quantity of reported liquidation.

In the past twenty-four hours, Dogecoin has been liquidated for about $61 million, according to available data. However, greater than 54% ($33.11 million) of total liquidation was comprised of short calls. This indicates that the majority of traders anticipated a DOGE price decline. While Okex and Binance have reported the liquidation of Dogecoin short calls of $7 million, respectively.

In the past 24 hours, more than $18 million worth of Dogecoins were transferred from multiple whale wallets to various crypto exchanges, according to Whale Alert. Nonetheless, the greatest transaction recorded by the tracker included the transfer of nearly 100 million DOGE to Binance.

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