Dogecoin (DOGE) Shorts Hit ATH, Is a Short Squeeze Incoming?
Dogecoin (DOGE), the meme currency has been in a price slumber for years now with no signs of revival. Now with the number of margined DOGE short positions hitting a new all-time-high on Bitfinex, the DOGE community are hopeful about a possible short squeeze.
#Dogecoin shorts are at an all time high….. squeeze those mfs! 🐕 pic.twitter.com/b2xqSBkNKY
— Sir Doge of the Coin (@dogeofficialceo) November 25, 2021
The short squeeze trend gained momentum at the start of the year when a Reddit group initiated a short squeeze for heavily shorted stocks namely GameStop (GME) and AMC. A short squeeze usually occurs when people start buying heavily shorted stocks, which eventually pushes the price up liquidating the short positions. When the GameStop saga began in February involving Robinhood, DOGE became a part of it as well leading to a surge in its price as well.
The original meme currency had a phenomenal run in the first half of the year, where it eliminated a zero from its price and went on to post a new all-time high of $0.7376 before bleeding out more than 70% of its valuation over the past 6 months. The meme currency got a little bit of momentum last month along with Shiba Inu (SHIB) and reached a new monthly high of $0.338 before sliding below $0.25 again this month.
Can Dogecoin (DOGE) Reinvent the Bull Run?
DOGE might be down 70% from its ATH but is still up 3,000% on the ROI which gives a fair picture of the massive bull run it pulled in the first two quarters of this bull season. The meme currency has not just increased in terms of price value, but it has also made key development of its infrastructure to make it a legit form of investment and payment option rather than just being a meme.
A short squeeze for GameStop and AMC stocks pull them out of bankruptcy and close down and as we head towards the latter half of the bull season, the DOGE community would hope for revivals to come back.
The meme currency is also on the verge of a long term breakout on the one-day chart that could possibly bring back the bulls with short squeeze playing as a catalyst.
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
