{"id":1894,"date":"2024-12-20T05:11:07","date_gmt":"2024-12-20T05:11:07","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/dogecoin-trading-volume-rises-over-6-5-billion-as-liquidations-cross-31-million-whats-going-on\/"},"modified":"2024-12-20T05:11:07","modified_gmt":"2024-12-20T05:11:07","slug":"dogecoin-trading-volume-rises-over-6-5-billion-as-liquidations-cross-31-million-whats-going-on","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/dogecoin-trading-volume-rises-over-6-5-billion-as-liquidations-cross-31-million-whats-going-on\/","title":{"rendered":"Dogecoin Trading Volume Rises Over $6.5 Billion As Liquidations Cross $31 Million, What\u2019s Going On?"},"content":{"rendered":"

The Dogecoin trading volume has surged in the last 24 hours, and liquidations<\/a> have also risen during this period. The surge in these metrics has resulted from the significant price drop for Dogecoin, which is down over 5% in the last 24 hours.\u00a0<\/p>\n

Dogecoin Trading Volume And Liquidations Witness Significant Spike<\/h2>\n

Dogecoin\u2019s liquidations have crossed $31 million, with $25 million and $5.8 in long and short positions liquidated, respectively.\u00a0<\/p>\n

Long positions took the most hit as the Dogecoin price crashed below the $0.4 range. This development came following Jerome Powell\u2019s speech, which painted a bearish picture for the foremost meme coin. As crypto analyst Kevin Capital revealed<\/a>, Dogecoin\u2019s technical indicators were already bearish, and the macroeconomic fundamentals only did more damage.\u00a0<\/p>\n

Powell suggested that the US Federal Reserve<\/a> will likely pause on the rate cuts next year, which immediately sparked a bearish sentiment among traders and led to a wave of sell-offs. This contributed to the spike in trading volume, as investors looked to offload their coins, considering how the Fed being hawkish is bearish for risk assets like Dogecoin.\u00a0<\/p>\n

However, Kevin Capital believes that traders are overreacting to Jerome Powell\u2019s speech. The crypto analyst believes that Dogecoin will recover this price correction, stating that the dip will be bought. However, it is worth mentioning Dogecoin\u2019s correlation with Bitcoin, as Kevin Capital had previously pointed out that DOGE\u2019s next move will depend on BTC.\u00a0<\/p>\n

The Bitcoin price has dropped below the $100,000 psychological price level and looks bearish at the moment. As such, the Dogecoin price recovery is unlikely to happen until Bitcoin witnesses a bullish reversal.\u00a0<\/p>\n

Increased Volatility Is Not Unusual<\/h2>\n

Crypto analyst Master Kenobi<\/a> also commented on the Dogecoin price drop, stating that increased volatility at this stage of the bull market is not unusual. However, the analyst suggested that traders should avoid being shaken out and instead hold on to their positions. This came as he claimed that market makers who will inject money into the market would prefer for market participants to walk away with a 90% loss rather than a 10x gain.\u00a0<\/p>\n

Bitcoinist recently reported that Dogecoin\u2019s sentiment<\/a> has turned negative once again, indicating that DOGE holders may be looking to sell their coins even at a loss. Kevin Capital had before now stated that the Dogecoin bull run is far from over, suggesting that there was no need to be bearish at the moment despite the price correction. He advised long-term holders just to sit back and wait for higher prices.\u00a0\u00a0<\/p>\n

At the time of writing, the Dogecoin price is trading at around $0.36, down over 5% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>\n

\"Dogecoin<\/p>\n","protected":false},"excerpt":{"rendered":"

The Dogecoin trading volume has surged in the last 24 hours, and liquidations have also risen during this period. The surge in these metrics has resulted from the significant price drop for Dogecoin, which is down over 5% in the last 24 hours.\u00a0 Dogecoin Trading Volume And Liquidations Witness Significant Spike Dogecoin\u2019s liquidations have crossed…<\/p>\n","protected":false},"author":1,"featured_media":1895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[131],"tags":[110,19,114,115,133,374,134,132,216,375,157,135],"class_list":["post-1894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-price","tag-dogeusd","tag-dogeusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1894"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1895"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}