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.
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.
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.
