Dogecoin’s epic rally led to the fact that at some point the liquidation of Dogecoin surpassed Bitcoin. The liquidation of a trader’s position is the forced closure of a trading position of a trader on the exchange, when the price of an asset changes in an unfavorable direction. Indeed, the reason for the massive liquidations of the Dogecoin rate was its colossal fluctuations. However, following the liquidations, the token rate began to rise again. This indicates a growing demand for altcoins and Dogecoin itself.
According to the Bybt service, last week the volume of liquidations on the Dogecoin market exceeded $ 1 billion. And yesterday, in just one day, DOGE positions were liquidated in the amount of more than $ 44 million. It is noteworthy that the volume of liquidations of long positions on the pullback was significantly lower than the short ones on the rise. In the Bitcoin market, the opposite situation is usually observed, when traders perceive any movement to previous highs as a sign of an imminent breakout, which most often doesn’t occur.
It should be noted that various indicators show that DOGE remains one of the most traded cryptocurrencies in the global market.
Moreover, Dogecoin became most discussed cryptocurrency on Twitter, beating Bitcoin and Ethereum. Celebrities have also contributed to the rise in popularity of Dogecoin. Not without mentions of Elon Musk, who from time to time publishes posts about the altcoin on his Twitter account.
Thanks to Musk and the whales, the coin’s price skyrocketed, driving demand from new entrants into the market. Thus, the crypto asset recently updated historical highs and took the fifth place in the cryptocurrency rating by capitalization, pushing Tether (USDT) to the sixth place. The capitalization of the coin exceeded $ 52 billion.
Dogecoin could become the main currency of the Internet?
The Dogecoin cryptocurrency, originally created as a joke, has recently shown solid growth that most of the more famous coins cannot boast.
Even well-known analysts have admitted that they were wrong about the prospects for cryptocurrency. Now they assume that altcoin is aiming for new heights.
We should note that Dogecoin became the most profitable cryptocurrency in 2021. Today, Dogecoin considered as the most profitable vehicle for investment.
Dogecoin is no longer just a cryptocurrency, but a brand with inherent positive characteristics. This is one of the few projects that does not pursue capitalization growth as a priority goal. This quality that distinguishes Elon Musk in it, it is this circumstance that makes Dogecoin so popular.
Dogecoin currently used in many industries. Its main purpose is to conduct various charities and to support sports teams from various poor countries. Also, this coin you can use to transfer funds, purchase goods in the Internet, pay for services, etc. In general, the DOGE asset can be the universal currency of our time, which you can use for your needs in a variety of areas.