- DOGE experienced a sharp rise to ~$0.42 on Tuesday
- However, it quickly experienced a correction to ~$0.39
- Long positions suffered by ~$6M and short positions by ~$5.6M
- DOGE also lost to XRP in terms of capitalization, $57.6B vs $64.6B respectively
This Tuesday DOGE surged to ~$0.42 but immediately corrected to ~$0.39B, giving up its recent 6th largest capitalization to XRP.
More About DOGE Dynamics
On Tuesday, DOGE had strong momentum for 4 hours, rising sharply to ~$0.42 but also falling quickly to ~$0.39. During this span, ~$6M long positions were liquidated and ~$5.6M short positions were liquidated according to CoinGlass data.
And while on a broader perspective, DOGE continues to experience growth following Bitcoin, fueled by Donald Trump’s victory and the Elon Musk connection, it has given up its place to XRP, which is once again outperforming it in terms of capitalization. More specifically, DOGE has ~$57.6B while XRP has once again taken 6th place with its $64.6B.
Having said that, DOGE and XRP have a very vibrant momentum and contribute 30% and 20% of trading activity on South Korea’s leading exchanges, Upbit and Bithumb, overtaking Bitcoin in that sense.
Conclusion
It is likely that the higher volatility of DOGE and XRP will still be a permanent feature, which can be both a good opportunity but also requires extra caution from traders.
Also, DOGE continues to experience the effects of Trump’s initiatives and Musk’s Department of Government Efficiency, which is likely to affect its price many more times in the near future.
