Dogecoin Witnesses $1 Million in Long Liquidations as Price Falls: What’s Next?

  • Wow, have you seen the latest drop in WIF’s price? Long liquidations are all the rage these days!
  • As WIF takes a hit, other cryptocurrencies are on the rise.

Hey there, crypto enthusiasts! Dogwifhat [WIF] has been stealing the spotlight in the memecoin world lately. With a strong backing from investors, this token has seen some impressive growth.

Traders in Trouble

Unfortunately, recent price movements have left traders feeling the heat, especially when it comes to WIF.

Over the past day, over $1 million worth of long positions have been liquidated due to a significant price drop in WIF.

The memecoin’s price plummeted by 7.26% and is currently sitting at $2.59.

This decline is not just a blip on the radar; it’s part of a larger downward trend that started in May. WIF has been hitting lower lows and lower highs, signaling a bearish turn.

Both the CMF (Chaikin Money Flow) and RSI (Relative Strength Index) have also taken a hit, indicating a decrease in money flow and bullish momentum, respectively.

If the selling pressure continues, WIF’s price could drop below $2.4794 soon.

Source: Trading View

Let’s Talk Social Volume

The drop in price has left traders feeling uneasy. Coinglass data shows that bearish sentiment is on the rise, with short positions taking up 52% of the market lately.

This negative sentiment could further push down WIF’s price in the near future.

Santiment’s data reveals that Social Volume for WIF has taken a nosedive, indicating an increase in negative comments surrounding the token.

As Social Volume and Weighted Sentiment decrease, selling pressure is likely to intensify.

Source: Santiment

Is your portfolio feeling the green vibes? Check out the WIF Profit Calculator!

Adding to the woes of holders is the overall performance of the memecoin sector. While WIF is struggling, competitors like DOGE, SHIB, and FLOKI have been enjoying a bullish run.

If this trend persists, WIF might lose its grip on the market.

Source: CoinMarketCap

Next: BONK rallies nearly 30%, but why the memecoin can turn bearish soon

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