The crypto market is seeing a recovery after a weekend marked by significant volatility, with billions of dollars erased in liquidations. Friday saw a tariff-driven flash crash on crypto assets, with $19 billion in liquidations, the largest ever for crypto.
Dogecoin likewise fell, crashing to a low of $0.15, a level last seen this year in June, extending a drop from a high of $0.27 on Oct. 6.
On Sunday, Dogecoin saw its first green candle after three straight days of dropping, with a significant recovery pushing its price from $0.18 to $0.214, and more importantly, the daily SMA 200 at $0.206.
DOGE has gained nearly 13% on a daily basis as discounted valuations enticed bargain hunters. At press time, Dogecoin was up 12% in the last 24 hours to $0.2073.
$436 million short liquidation hits crypto market
Dogecoin’s rebound coincides with a broader recovery on the crypto market, which saw a number of short positions liquidated.
According to CoinGlass data, the majority of liquidations in the last 24 hours were short positions or bearish traders, who were anticipating prices to fall even further. Short liquidations in the last 24 hours came to $436 million, propelling the market higher as shorts sought covering.
Major news for Dogecoin in the last 24 hours has also contributed to positive sentiment regarding the Dogecoin price.
Dogecoin’s official corporate arm, House of Doge, is set to pursue listing on NASDAQ through an announced merger with Brag House Holdings, Inc. The combined entity will generate recurring and diversified revenue through integrated advanced payment infrastructure, Dogecoin-denominated merchant services, proprietary data insights, licensing and treasury activities at a global scale.
Source: https://u.today/dogecoin-jumps-13-as-436-million-short-liquidation-hits-crypto-market
