$DOGE pushed above $0.10 while $BTC stayed above $85K, and the first explanation was obvious:
đ„ Shorts got crushed.
More than $1B in crypto positions were liquidated within 24 hours, with the majority coming from short positions.
But hereâs the interesting part đ
Only around $12.66M of those short liquidations came from DOGE itself.
So what actually pushed $DOGE higher?
One possibility is market-wide leverage flushing out.
When shorts start disappearing across crypto, high-beta assets like meme coins can move much faster than the broader market. $DOGE doesn't necessarily need a DOGE-specific catalyst when liquidity is rushing back into riskier assets.
But now we reach the important part.
â ïž The liquidation engine is cooling down.
Liquidations reportedly went from more than $300M per hour at the peak to below $11M per hour.
That changes the setup.
The forced buying created by liquidations can provide a powerful temporary boost. Once that pressure disappears, the market needs something else to keep pushing higher.
And for DOGE, that means one thing:
Spot demand.
DOGE has already gained more than 50% over the past month, so Iâm watching what happens after the leverage-driven move.
If buyers continue stepping in without massive liquidations, that tells a very different story.
If volume fades once the shorts are gone, this could end up being nothing more than a spectacular liquidation-driven spike.
đ The next DOGE move may tell us whether this was a breakout â or just a squeeze.
What do you think?
đ Real demand incoming?
đ„ Another leg higher?
đ Or the squeeze is already finished?