- 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.
Likewise, its Chaikin Money Flow (CMF) returned a value of 0.07. A CMF value above zero is seen as a sign of strength in the market. At 0.07, DOGE’s CMF showed that there was liquidity inflow into the market.
Confirming the current trend’s strength, the coin’s Aroon Up Line (orange) was 78.57 at press time.
This indicator is used to identify trend strength and potential trend reversal points in a crypto asset’s price movement.
When the Aroon Up line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
As stated above, the coin touched a seven-day high over the weekend, a price hike fueled by the creation of the XPayments account.
Source: TradingView
Supply in profit plummets
Since the year began, DOGE has witnessed a 13% decline in its value. Due to this low-price action, some of its holders have been plunged into losses.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
According to data from Santiment, since the 1st of January, the percentage of DOGE’s total supply held in profit has fallen from 77% to 58%.
For context, when the year began, 104 billion DOGE coins were held in profit. As of this writing, only 79 billion DOGE coins sat in profit.
Source: Santiment
