Dogecoin (DOGE), the leading market meme coin, is gaining traction as the price moves from its cycle low. Amid the latest price surge, the Dogecoin liquidation heat map revealed an intriguing trend.
What DOGE liquidation heatmap shows
According to data from CoinGlass, DOGE recorded total liquidations of $3,610,204.82 in the last hour. Of these liquidations, long position holders contributed $3,610,000, as against $204.82 from shorts.
The liquidations, thus, resulted in an imbalance of 1,761,899%, with nearly all the damage falling on the long position traders.
Given the bullish sentiment on the crypto market, these traders were anticipating further climbs in the DOGE price. However, their expectations did not materialize.
Note that the over $3.6 million liquidations come amid DOGE’s elevated prices. Over the past 24 hours, DOGE has increased by 7.9%, setting the price at $0.2713.
The daily trading volume also surged 62% to $6.27 billion, suggesting that investors have accumulated more of the meme coin at a reduced rate.
Typically, more traders tend to take long positions when prices are high, expecting further gains. This can create an imbalance where long positions dominate. Thus, they also become more vulnerable to liquidations during price instability.
Dogecoins beats Cardano in market cap
The latest DOGE rally has propelled the meme coin to become the eighth-largest cryptocurrency by market capitalization.
With a market capitalization of over $40.7 billion, DOGE has since surpassed Cardano (ADA) to claim ninth place. Cardano is rallying behind DOGE with its market cap at $31.6 billion, according to CoinMarketCap.
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Besides this performance, the king meme coin has achieved other key milestones. According to a U.Today report, DOGE rallied 53% in the third quarter of the year. This move positioned the meme coin to break a six-year bearish trend.
Additionally, market analysts are optimistic about the future breakout of DOGE, citing positive technical patterns. Dogecoin cofounder Billy Markus recently commented on the possibility of DOGE hitting $1.
