Over the past hour, Dogecoin has seen a mild liquidation trend with an unusual twist that suggests bear traders are exiting the market.
According to data provided by CoinGlass, the sudden crypto market resurgence witnessed in the last day has spurred unusual activity in Dogecoin’s derivatives market as a total of $179,110 in liquidations has been recorded in the last hour, with short traders bearing none of it.
DOGE sees $0 liquidation twist
Amid the sudden market resurgence, Dogecoin has witnessed extreme abnormalities in its liquidation events, sparking the attention of investors.
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Notably, Dogecoin has registered an unusual one-sided liquidation that saw $179,110 in longs being liquidated over the last hour. This happened to be the only liquidation carried out during the period, as no liquidation was recorded for short traders.
While an abnormal liquidation like this is not commonly witnessed in the Dogecoin derivatives market, the zero activity from DOGE short traders has sparked curiosity among market participants.
It is important to note that, in situations when short traders face little to no liquidations, the basic interpretation is that they have won their bearish bets over the negative movements in the price of the asset at the time.
However, this is not the case this time as Dogecoin has maintained an upward trend in the last 24 hours. This means that no bearish bet could have won during the period.
While DOGE's price was seen moving slowly yet upward during the period, showing signs of a potential rebound, it appears that traders are not certain about a potential downturn in the price of the asset. As such, no short positions were opened during the period.
While Dogecoin is seeing heightened demand as the impressive performance of the first Dogecoin ETF is also seen driving a new wave of fresh momentum for the asset, it is unlikely for traders to be bearish on the asset at a time like this.
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