Dogecoin Surges 6.6% Amid $468M Crypto Liquidation Spree

Dogecoin (DOGE) has rallied 6.6% in the past 24 hours, defying bearish sentiment across the broader crypto market. This surprise rebound came after a pause in global trade tariffs triggered widespread liquidations, totaling $468.45 million across 131,342 traders, according to CoinGlass.

DOGE alone accounted for $11.26 million in liquidations, with 71.19 million DOGE wiped out from investor positions. Short sellers bore the brunt, losing $6.81 million compared to $4.45 million from long traders — revealing a $2 million imbalance favoring long positions.

Despite a 7.61% dip in trading volume to $1.81 billion, Dogecoin's price jumped to $0.1560, suggesting renewed buying interest. Many traders had bet on continued bearish pressure, but DOGE’s rally caught the market off guard. The meme coin’s market cap also rebounded from $22.47 billion to $23.34 billion, a more than 7% increase.

Dogecoin’s momentum may help fend off the threat of being overtaken by Tron (TRX) in market cap rankings. Tron's recent surge had sparked speculation it could flip DOGE, but the latter’s bullish action has calmed those concerns for now.

Further supporting DOGE’s bullish outlook is increasing adoption in Europe. 21Shares is set to launch a Dogecoin exchange-traded product (ETP) on the SIX Swiss Exchange in Zurich, potentially driving more institutional interest.

As market volatility persists, Dogecoin’s ability to hold its ground highlights its resilience and growing relevance beyond meme status. Traders should closely monitor price action and trading volumes as the next move unfolds.