Dogecoin Trading Volume Surges Over $6.5 Billion as Liquidation Exceeds $31 Million, What Is Happening

Dogecoin trading volume has surged in the past 24 hours, and liquidation has also increased during this time. The increase in these figures is a result of Dogecoin's significant price drop, down more than 5% in the past 24 hours. The trading volume and liquidity of Dogecoin have witnessed a significant and remarkable increase. CoinMarketCap data shows that Dogecoin's trading volume has increased by over 57% in the past 24 hours, with over $6 billion traded during this period. Meanwhile, Coinglass data indicates that Dogecoin liquidations have exceeded $31 million, with $25 million and $5.8 million in long and short positions being liquidated. Long positions are most heavily affected when the price of Dogecoin drops below $0.4. This trend follows Jerome Powell's speech, painting a pessimistic picture for the leading meme currency. As cryptocurrency analyst Kevin Capital revealed, Dogecoin's technical indicators have been bearish, and macroeconomic fundamentals only add to the damage. Powell believes that the Federal Reserve may pause interest rate cuts next year, immediately causing pessimism in the trading community and leading to a selling frenzy. This contributes to a surge in trading volume as investors seek to unload their assets, considering the Fed's pessimism towards risk assets such as Dogecoin. However, Kevin Capital believes that traders are overreacting to Jerome Powell's speech. The cryptocurrency analyst believes that Dogecoin will recover from this price correction and states that the dip will be bought. However, it is necessary to mention the correlation between Dogecoin and Bitcoin, as Kevin Capital previously pointed out that DOGE's next move will depend on BTC. The price of Bitcoin has dropped below the psychological level of $100,000 and currently seems pessimistic. Therefore, the possibility of Dogecoin price recovery will not occur until Bitcoin witnesses a reversal in price. Increasing volatility is not unusual Cryptocurrency analyst Master Kenobi also commented on the decline in Dogecoin's price, saying that increased volatility at this stage of the price market is not unusual. However, this analyst suggests that traders should avoid being shaken and instead maintain their positions. This comes as he declares that market makers will pump money into the market to lure market participants back to a 90% loss instead of a 10x gain. Bitcoinist recently reported that the sentiment around Dogecoin has turned negative once again, indicating that DOGE holders may be looking to sell their coins even at a loss. Kevin Capital previously stated that the Dogecoin price surge is not over yet, suggesting that there is no need to be pessimistic at this time despite the correction. He advised long-term holders to sit tight and wait for higher prices. DYOR! #Write2Win #Write&Earn $DOGE {spot}(DOGEUSDT)

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