How DOGE’s volatile weekend impacted your holdings

January 23, 2024

By Abiodun Oladokun

Edited By: Saman Waris

DOGE has lost some of its last weekend gains.

This has caused a wave of long liquidations.

Leading meme coin Dogecoin [DOGE] has shed recent market price gains, triggering a wave of liquidations among leveraged long traders, data from Coinglass revealed.

According to the data provider, on the 21st of January, long liquidations in the coins Futures market totaled $2.02 million.

Source: Coinglass

AMBCrypto reported that DOGE’s value rallied 10% during the weekend after social media giant X (formerly Twitter) created a dedicated account for its yet-to-be-launched payments feature.

However, as the excitement dwindled, market participants who aped in on the meme coin began to sell, causing its price to decline.

At press time, DOGE traded at $0.083, dropping by 2% in the last 24 hours, according to data from CoinMarketCap.

DOGE in the last 12 hours

Despite the slight drawback in DOGE’s price, coin accumulation persisted, according to readings from its 12-hour chart.

For example, its key momentum indicators, the Relative Strength Index (RSI) and the Money Flow Index (MFI), were pegged above their respective center lines at press time.

With RSI and MFI values of 52.94 and 50.89, respectively, DOGE accumulation exceeded sell-offs in its spot market.