Cryptocurrency

Dogecoin

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 <p class="paragraph">Crypto derivatives volume surged, leaving some unbalances behind, which could trigger liquidation events. On that, some <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies have seen increased short positions that, if liquidated, would cause a short <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a>.</p>
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 <p class="paragraph">In the meantime, the cryptocurrency market’s total capitalization has reached a 10-day high of $1.614 trillion, up 1.5% on the day. If the crypto total market cap breaks this month’s highs, high-shorted coins will likely experience short squeezes.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="661" src="https://cdn.thebittimes.com/images/2023/12/21/4efc636db11fe9b74624d2af84748c43.webp" alt class="wp-image-144491" srcset="https://cdn.thebittimes.com/images/2023/12/21/4efc636db11fe9b74624d2af84748c43.webp 1024w, https://cdn.thebittimes.com/images/2023/12/21/4efc636db11fe9b74624d2af84748c43.webp 300w, https://cdn.thebittimes.com/images/2023/12/21/4efc636db11fe9b74624d2af84748c43.webp 768w, https://cdn.thebittimes.com/images/2023/12/21/4efc636db11fe9b74624d2af84748c43.webp 1536w, https://cdn.thebittimes.com/images/2023/12/21/4efc636db11fe9b74624d2af84748c43.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
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   CRYPTOCAP: Total market cap (4h chart). Source: <em>TradingView</em>
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 <p class="paragraph">Finbold then retrieved open interest data in the last 12 and 24 hours from <em>CoinGlass’s</em> long/short ratio dashboard. In particular, we spotted Dogecoin (DOGE) and dYdX (DYDX) as two <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies with increased short over the long positions.</p>
 <h2 class="wp-block-heading" id="h-short-squeeze-alert-for-dogecoin-doge">Short squeeze alert for Dogecoin (DOGE)</h2>
 <p class="paragraph">As for DOGE, the leading memecoin is trading at $0.0926 by press time, up 2.2% in the last 24 hours. Notably, Dogecoin has $514.56 million in the 24-hour opened short positions, corresponding to 51.31% of its daily open interest.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="93" src="https://cdn.thebittimes.com/images/2023/12/21/23cd76b147af9af2e508f728ff53b4c3.webp" alt class="wp-image-144492" srcset="https://cdn.thebittimes.com/images/2023/12/21/23cd76b147af9af2e508f728ff53b4c3.webp 1024w, https://cdn.thebittimes.com/images/2023/12/21/23cd76b147af9af2e508f728ff53b4c3.webp 300w, https://cdn.thebittimes.com/images/2023/12/21/23cd76b147af9af2e508f728ff53b4c3.webp 768w, https://cdn.thebittimes.com/images/2023/12/21/23cd76b147af9af2e508f728ff53b4c3.webp 1536w, https://cdn.thebittimes.com/images/2023/12/21/23cd76b147af9af2e508f728ff53b4c3.webp 1962w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   DOGE Long/Short ratio on 12 and 24 hours. Source: <em>CoinGlass</em>
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 <p class="paragraph">This massive U.S. Dollar worth corresponds to almost the same 24-hour spot exchange volume of $550.27 million. Therefore, a short-<a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> liquidation event could have a relevant impact on DOGE’s price.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="568" height="256" src="https://cdn.thebittimes.com/images/2023/12/21/8f91bb2e0b215d3a66cc19f8d78b9c93.webp" alt class="wp-image-144493" srcset="https://cdn.thebittimes.com/images/2023/12/21/8f91bb2e0b215d3a66cc19f8d78b9c93.webp 568w, https://cdn.thebittimes.com/images/2023/12/21/8f91bb2e0b215d3a66cc19f8d78b9c93.webp 300w" sizes="(max-width: 568px) 100vw, 568px">
  <figcaption class="wp-element-caption">
   Dogecoin market cap and volume (24h). Source: <em>CoinMarketCap</em>
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 <h2 class="wp-block-heading" id="dydx-is-being-shorted-on-december-21">DYDX is being shorted on December 21</h2>
 <p class="paragraph">Meanwhile, DYDX has seen $188.57 million (53.06%) in shorts opened on December 21, trading at $2.957.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="93" src="https://cdn.thebittimes.com/images/2023/12/21/dbb7f3028dbed6dea9f3af11d5bbdf2f.webp" alt class="wp-image-144495" srcset="https://cdn.thebittimes.com/images/2023/12/21/dbb7f3028dbed6dea9f3af11d5bbdf2f.webp 1024w, https://cdn.thebittimes.com/images/2023/12/21/dbb7f3028dbed6dea9f3af11d5bbdf2f.webp 300w, https://cdn.thebittimes.com/images/2023/12/21/dbb7f3028dbed6dea9f3af11d5bbdf2f.webp 768w, https://cdn.thebittimes.com/images/2023/12/21/dbb7f3028dbed6dea9f3af11d5bbdf2f.webp 1536w, https://cdn.thebittimes.com/images/2023/12/21/dbb7f3028dbed6dea9f3af11d5bbdf2f.webp 1962w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   DYDX Long/Short ratio on 12 and 24 hours. Source: <em>CoinGlass</em>
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 </figure>
 <p class="paragraph">Interestingly, the decentralized exchange token has only $132.69 million in 24-hour volume. This means a larger amount of short positions for what is currently trading on multiple markets, according to <em>CoinMarketCap</em>.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="568" height="256" src="https://cdn.thebittimes.com/images/2023/12/21/8eb19f399e383c6a48328275a4d08bb3.webp" alt class="wp-image-144496" srcset="https://cdn.thebittimes.com/images/2023/12/21/8eb19f399e383c6a48328275a4d08bb3.webp 568w, https://cdn.thebittimes.com/images/2023/12/21/8eb19f399e383c6a48328275a4d08bb3.webp 300w" sizes="(max-width: 568px) 100vw, 568px">
  <figcaption class="wp-element-caption">
   DYDX market cap and volume (24h). Source: <em>CoinMarketCap</em>
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 </figure>
 <p class="paragraph">However, a short squeeze still needs a market pivot from bearish to bullish in order to happen. DYDX has been through meaningful changes and token migration in the past few days, also experiencing a massive token unlock for over 80% of its circulating supply. Such an inflation could have impacted cryptocurrency investors’ perception of the digital asset’s value.</p>
 <p class="paragraph">All things considered, there are no guarantees that such an event will happen with these <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies. Traders must do their own research and consider complimentary data to make profitable financial decisions.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk</em>.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/short-squeeze-alert-for-december-21-two-cryptocurrencies-with-potential-to-skyrocket-tbt74417.html">https://thebittimes.com/short-squeeze-alert-for-december-21-two-cryptocurrencies-with-potential-to-skyrocket-tbt74417.html</a></p>

Short squeeze alert for December 21: Two cryptocurrencies with potential to skyrocket

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