Dogecoin (DOGE) has witnessed a significant price surge, exceeding the $0.23 mark and breaking through an 875% liquidation imbalance in the past hour. This rapid rise is attributed to bullish market dynamics and increased investor interest.
Bearish traders suffered substantial losses as short positions saw over $700,590 worth of capital eroded, while long investors experienced minimal price adjustments.
Trading volume has surged, reaching $5.42 billion in the past 24 hours, highlighting investor excitement around this surge in DOGE’s value.
Meanwhile, DOGE’s correlation with Bitcoin ($115,000 level) has provided further support for its recent price rally. Ali Martinez, a prominent on-chain analyst, suggested that Dogecoin could potentially experience a 40% price increase within the next few days.
While a $0.30 target for DOGE remains uncertain, whale activity adds weight to this potential surge as they have made notable purchases in recent days.