- On Binance, 81.05% of open Dogecoin positions are long, showing strong trader optimism with a 4.28 long-to-short ratio.
- Positive funding rates indicate traders are confident in DOGE’s upward potential, even as recent price swings persist.
- Liquidation data shows most recent liquidated positions were shorts, catching bearish traders on the wrong side of DOGE’s volatility.
On Binance, a whopping 81.05% of all open positions on Dogecoin (DOGE) are long, signaling strong optimism among traders. Only 18.95% of positions are short, giving DOGE a long-to-short ratio of 4.28, a clear sign of growing bullish sentiment for the meme coin.
Positive Funding Rates Reflect Confidence
The funding rate for Dogecoin remains positive, as per CoinGlass data. Positive funding rates indicate that traders are willing to pay to maintain their long positions, reflecting confidence that DOGE’s price will rise further. Despite this optimism, the market isn’t without its hiccups—on the day of analysis, DOGE dipped nearly 1%, showcasing the volatile nature of its price action.
A Roller Coaster Ride with Bullish Momentum
Dogecoin has been on a wild ride recently. After finding support at $0.314, DOGE surged by over 10%, though it has faced pullbacks since. Notably, liquidation data reveals that most liquidated positions in the last 24 hours were shorts, meaning traders betting against DOGE’s price got caught off guard. While price swings continue, the long-term sentiment among traders remains overwhelmingly positive.
Final Thoughts
Dogecoin’s current market dynamics highlight a mix of optimism and caution. With the majority of Binance traders bullish and positive funding rates backing the sentiment, DOGE seems poised for further growth. However, its recent volatility serves as a reminder that meme coins can still pack surprises.
