Futures traders are getting wiped out as the O.G. meme coin in the space, Dogecoin, continues to rocket off of the latest Bitcoin surge.
The price of Dogecoin (DOGE) jumped to a price of nearly $0.42 early Tuesday afternoon as Bitcoin notched a new all-time high mark, following several days of middling markets action for the top dog-coin. It has since fallen again to about $0.39, marking another up-and-down day for the famously volatile coin.
As a result, traders betting on the future price of DOGE are losing out, CoinGlass data shows. In the past four hours alone, nearly $6 million in shorts positions on Dogecoin have been closed. Liquidated long positions are nearly as high, given the latest dip, with about $5.6 million worth in that span.
In the world of derivatives, traders “shorting” an asset are betting on its price to go down at a later date. When they lose the bet, their position is liquidated (or “rekt” in the meme-filled crypto world).
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Author: Mathew Di Salvo
