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The O.G. Dogecoin continues to be the most popular meme coin.
Dogecoin’s (DOGE) price soared to nearly $0.42 on Tuesday morning, as Bitcoin reached a new high. This was after several days of mediocre market activity for the top-dog-coin. Since then, it has fallen to around $0.39. This marks another up-and down day for this notoriously volatile coin.
CoinGlass’ data shows that traders who wager on the price of DOGE in the future lose money. Dogecoin short positions totaled nearly $6 million over the last four hours. The liquidated long positions have also increased, despite the recent dip. They totaled $5.6 million in this time span.
In the world of derivatives traders "shorting" Bets are made on an asset’s price going down in the future. If they lose, the position is liquidated. "rekt" The meme-filled cryptocurrency world.
Over the past 24 hours, there have been $25.5 Million in DOGE Futures closed. Out of this figure, $14.7 Million were short positions. CoinGlass data show that one trader lost $1.05m on a Dogecoin short bet via Binance.
DOGE has experienced a surge recently—along with most coins and tokens—as the price of Bitcoin has increased. But out of the prominent digital coins in the space, DOGE has attracted substantial attention and money from speculators in part because Elon Musk, the world's richest man, has given it such a spotlight.
Musk has long been a fan of Dogecoin, saying since 2019 that it's his favorite cryptocurrency. And the Tesla CEO has a position in President-elect Donald Trump's future government to run a department he has called the Department of Governmental Efficiency (D.O.G.E.This has led traders to place even higher bets on the price.
Bitcoin has also dropped a little since the morning’s price spike. The biggest coin by market cap's price now stands at $92,338 after earlier today touching $94,040—the new record price.
Andrew Hayward is the editor
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