Futures traders are getting wiped out as the O.G. meme coin in the space, Dogecoin, continues to rocket off of the latest Bitcoin surge.
The price of Dogecoin (DOGE) jumped to a price of nearly $0.42 early Tuesday afternoon as Bitcoin notched a new all-time high mark, following several days of middling markets action for the top dog-coin. It has since fallen again to about $0.39, marking another up-and-down day for the famously volatile coin.
As a result, traders betting on the future price of DOGE are losing out, CoinGlass data shows. In the past four hours alone, nearly $6 million in shorts positions on Dogecoin have been closed. Liquidated long positions are nearly as high, given the latest dip, with about $5.6 million worth in that span.
In the world of derivatives, traders "shorting" an asset are betting on its price to go down at a later date. When they lose the bet, their position is liquidated (or "rekt" in the meme-filled crypto world).
Bitcoin Hits New All-Time High Price Above $93,500
Leading cryptocurrency Bitcoin (BTC) has broken its all-time high price mark once again, reaching a new peak of $93,521 early Tuesday afternoon per data from CoinGecko. Coinbase showed an even higher mark of $93,581. This comes following an impressive rally for the orange coin after pro-crypto candidate Donald Trump secured reelection as President of the United States. Bitcoin’s previous high was reached less than a week ago, as it shot up to $93,477 (per CoinGecko) on November 13, before fallin...
Over a 24-hour period, $25.5 million in DOGE futures positions have been closed; of that figure, $14.7 million were short positions. One trader lost $1.05 million on a short bet on Dogecoin via Binance, CoinGlass data shows.
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.
Bitcoin Strategic Reserve Could Happen. Why Not Dogecoin, Says Co-Founder
Forget a Bitcoin reserve—what about a Dogecoin government stash? That’s the idea of the former-joke-now-serious-cryptocurrency’s founder, Billy Markus, who floated the idea on Twitter (aka X). “Why not national Dogecoin reserve tho [sic],” he wrote on the platform Friday. why not national dogecoin reserve tho https://t.co/jRh0b3rG7j — Shibetoshi Nakamoto (@BillyM2k) November 15, 2024 Markus was responding to a post by prediction market Kalshi about bettors seeing an increasing chance of Pres...
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.), leading traders to bet on the price even more.
Bitcoin too is down a bit since the earlier afternoon jump. The biggest coin by market cap's price now stands at $92,338 after earlier today touching $94,040—the new record price.
Edited by Andrew Hayward
