Following a relative growth of some cryptocurrencies after the temporary suspension of trade tariffs, the market experienced a wave of liquidation. Data shows that in the past 24 hours alone, over 71 million Dogecoins (DOGE) worth $11.26 million have been liquidated. This level of liquidation has placed Dogecoin among the most affected cryptocurrencies in the market. Sellers experienced around $6.81 million in losses while buyers faced about $4.45 million in losses. The sudden 6.6% price increase of Dogecoin to $0.156 surprised many traders as they expected the downward trend in global financial markets to continue putting pressure on Dogecoin. It is worth mentioning that the 24-hour trading volume of Dogecoin has decreased by 7.61% to $1.81 billion, indicating traders’ increased caution regarding the recent upward movement. However, the recent price growth of Dogecoin has somewhat alleviated concerns about Tron potentially surpassing it in market rankings. After the market value decline of Dogecoin to $22.47 billion, the figure has now reached $23.34 billion. Furthermore, the news of Dogecoin Exchange-Traded Product (ETP) listing on the Swiss Exchange by 21Shares is considered a positive signal of DOGE ecosystem development in Europe. This event could present a more stable outlook for the largest meme coin market in the medium term.
