Dogecoin (DOGE) bulls are feeling some pain as the latest market selloff has seen a sharp imbalance in liquidations, with long positions facing significantly heavier losses than shorts.
According to CoinGlass, liquidations are skewed toward longs by 1,453%, showing how much leveraged bullish bets have been caught on the wrong side of the market move.
CoinGlass data shows a total of $7.82 million worth of Dogecoin positions liquidated. Long positions were dominant, with $7.32 million against shorts of $503,630. The percentage imbalance between longs and shorts yields 1,453%.
The imbalance comes as DOGE faces renewed selling pressure alongside a broader cryptocurrency market pullback. At the time of writing, Dogecoin was down 1.26% in the last 24 hours to $0.0873 and down 7.26% weekly.
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Dogecoin entered its fourth day of decline after bulls encountered resistance at October 4’s high of $0.097. Price fell consistently from Monday, with the biggest losses reported on Wednesday as Dogecoin closed the day down 5.41%. Given the persistent drop, traders naturally anticipated a relief rally, but this was not the case as prices fell further in the market.
In this light, traders who entered leveraged long positions expecting a price rebound are now facing forced closures as the price moved lower. Dogecoin fell beneath its 50 and 200 daily moving averages at $0.0892 and $0.087, respectively, to reach a low of $0.0855 early Thursday.
Dogecoin short nets $224,000 profit
As with every scenario, there are two sides of the coin. Dogecoin’s ongoing drop has sent short traders into profit, with Lookonchain reporting one such trader who opened a 20x short on Dogecoin.
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According to Lookonchain, trader ‘0xdd6a’, who opened 20x shorts on BTC, ETH, SOL, XRP, and DOGE on Aster, is currently in profit. The total position size is $26.5 million, with $586K in unrealized profit. The trader’s 48.37 million DOGE position worth $4.24 million accounted for nearly half of this figure, netting $224,000 in gains.
In separate reporting, Whale Alert highlighted 304,709,765 DOGE worth $27,045,644 moving from an unknown wallet to Binance as selling pressure persisted in the market.
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