71,190,773 Million Dogecoin (DOGE) in 24 Hours, What's Happening?

The rebound of some assets in the cryptocurrency space is ongoing following the pause on trade tariffs that has sparked massive liquidations. Within 24 hours, the combined crypto market liquidation hit $468.45 million from 131,342 traders. Dogecoin (DOGE) accounted for $11.26 million of these total liquidations.

Short sellers take hit as Dogecoin surprises market

As per CoinGlass data, a total of 71,190,773 million DOGE were lost by investors of the dog-themed meme coin. This amounted to over $11 million in fiat terms recorded among traders in the ecosystem.

Notably, there was a liquidation imbalance, with short traders exceeding long traders by over $2 million. Traders who bet short on the price of DOGE lost a total of $6.81 million, compared with long position traders, who registered $4.45 million losses.

This development came from the rebound witnessed in DOGE’s price action on the crypto market.

As press time, DOGE recorded a 6.6% rally in price to change hands at $0.1560. This upsurge in price caught most traders by surprise, as they had bet on the broader financial market to continue their bearish impact on the asset.

The 7.61% decline in trading volume to $1.81 billion indicates the sentiment of market participants toward DOGE.

DOGE holds its ground against Tron threat

The bullish rally that has triggered a rebound for DOGE could help it shake off concerns about Tron flipping it in market cap ranking. The capital influx to Tron recently boosted its market valuation to a point that fueled speculation of a possible flip.

At the time, DOGE’s market cap dropped to $22.47 billion, but it has since increased by over 7% and stands at $23.34 billion.

This recovery looks sustainable as ecosystem development signals the adoption of DOGE in Europe. As reported by U.Today, 21Shares plans to list the Dogecoin exchange-traded product (ETP) on the Zurich-based SIX Swiss exchange.