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According to CoinGlass data, Dogecoin had a double-digit daily gain on Feb. 25 after a concentrated wave of short liquidations erased $1.57 million in bearish positions within a single hour. The forced closures happened at the same time as a sharp intraday rebound that pushed $DOGE above $0.10, marking one of its strongest sessions this month.
On Binance's $DOGE/USDT daily chart by TradingView, the token was trading near $0.1007 after hitting an intraday high of $0.1026, which is more than a 10% increase for the day. This happened after a few sessions of price movement around the $0.095-$0.098 range, where buyers kept up with the supply. As the price went up, leveraged short positions were unwound quickly, one after the other.
Dogecoin rallies as $1.57 million in shorts face total hourly liquidation
From a market structure perspective, the rally seems to be more of a short squeeze for Dogecoin than a confirmed trend reversal. $DOGE is still below the key descending resistance levels one can see on the daily time frame. But the big comeback to the $0.10 level, along with signs of forced short covering, is likely to change how people feel in the near future.
Liquidation data shows that $1.57 million in short positions were erased, while long liquidations were minimal at $119,640. In the last 24 hours, the total amount of $DOGE liquidations hit $5.14 million, with shorts accounting for $4.09 million — so, the imbalance was mostly one-sided.
This episode unfolded against a backdrop of $341.21 million in crypto positions being liquidated market-wide in 24 hours. Bitcoin and Ethereum led the way, but the fact that $DOGE shorts were so concentrated shows how things can change really quickly when liquidity dries up and volatility goes up amid the slightest sign of overleverage.
