Dogecoin’s Epic Meltdown: How Long Bears Laughed Lasted Less Than a Meme

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Imagine a scene straight out of a Russian novel, but instead of aristocrats and peasants, we have traders desperately clutching their keyboards as Dogecoin, that cheeky little meme, decides to throw a tantrum, reaching an astronomically absurd 12,129% liquidation imbalance. Yes, you read that right-more longs got obliterated than you can shake a stick at, leaving shorts barely scorched, with a smirk and a shrug. 🥴

Longs Get Whipped Like a Tsar’s Horse

According to the ever-accurate CoinGlass, the past hour has been nothing short of a financial disaster for the over-leveraged. Liquidations hit a staggering $244,110. Of this, a mind-boggling $242,130 came from longs-those brave souls betting on Doge’s triumphant rally-while shorts barely squeaked by at $1,980. This means a tidal wave of 12,129% more longs were wiped out than shorts. Truly, a poetic justice wrapped in a meme. 😂

Market volatility was so wild it could make even a seasoned gambler dizzy. A lot of people, dreaming of a rally, threw all their chips in-only to watch their hopes get liquidated faster than you can say “much wow.” Meanwhile, the shorts, sitting in the corner like wise old men, watched the chaos unfold and felt only a slight breeze. 🧓

Here’s the irony: the big clusters of stop-loss orders sit just below the current price. As DOGE keeps nosediving, more longs will likely get flushed, pushing the price even further down. But sometimes, all the longs get wiped out, and suddenly there’s nobody left to sell-hey, a bounce might happen. A miracle, or just the ghosts of traders past? Perhaps. 😉

In the grand circus of crypto trading, traders borrow moon-sized sums to bet on either going up or down. When the market moves against them-boom! -liquidations happen faster than a Turgenev subplot in a rainy Petersburg evening. The smart money-those clever bears-are enjoying popcorn as the price keeps falling, validation of their dark prophecies. 🍿

The Doge Doldrums: Price Still Underwater

At press time, Dogecoin is swimming in the deep end, limping at around $0.1629, a tiny dip of 0.55% in a day filled with regrets. Trading volume? Down by 57.44%, falling to a modest $1.9 billion-less activity, less excitement, more existential dread. 😅

Technicians and chart-watchers see a familiar pattern: Doge is dancing within a falling triangle, stubbornly resisting a rally past $0.17. The odds suggest a bounce, maybe up to $0.17-before it plunges again, aiming for $0.14 to $0.13. The bearish tide is unrelenting, especially now that a “death cross”-the 50-day moving average crossing below the 200-day-is hanging like a dark cloud over DOGE’s future.

On-chain sage Ali Martinez warns that DOGE’s chart is stuck in a lengthy channel, primed for a 40% correction. Because nothing screams stability like a meme coin making a dramatic exit stage left, right?

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2025-11-06 16:12