Dogecoin (DOGE) Emerges as One of the Most Impacted Digital Currencies as the Broader Market Crashes

Total market liquidations have grown to $171 million in 24 hours, with Dogecoin (DOGE) coming off as one of the most impacted digital currencies.

The broader digital currency market faced a downturn on Wednesday, with the price of major assets experiencing significant drops. According to data from CoinGlass, a total of $171 million in liquidations occurred in 24 hours.

Dogecoin (DOGE) was among the most affected digital currencies, with a total of $3.09 million in liquidations. This figure placed DOGE as the third asset with the most liquidations, after Bitcoin (BTC) and Ethereum (ETH).

Of the total liquidations, long traders incurred the most losses, with $2.89 million being liquidated from this group. Short traders saw a total of $193,460 in liquidations. The large-scale liquidations suggest that over 25 million Dogecoin were liquidated overnight.

This liquidation occurred as the price of DOGE dropped to $0.1191, marking a 5% decrease in the past 24 hours. At the current price, DOGE is trading at one of its lowest levels over the past month.

Dogecoin’s price is heavily influenced by both market trends and its bullish on-chain activities. If the bottom has indeed formed, DOGE may begin printing a major price rebound from the current level.

The ambitious resurgence in the price of the coin will be fueled by whale accumulations moving forward. Additionally, sustained bullish buying sentiment, showcased by the 111% jump in trading volume to $673,997,088, might also be a catalyst that will drive price resurgence across the board.

In the short term, DOGE’s price target is set at $0.1745, the highest level it has recorded over the past month

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-doge-emerges-impacted-digital-currencies-broader-market-crashes.html

The above is the detailed content of Dogecoin (DOGE) Emerges as One of the Most Impacted Digital Currencies as the Broader Market Crashes. For more information, please follow other related articles on the PHP Chinese website!