Dogecoin Soars on Short Squeeze, Eyes $0.10 Price Target
Dogecoin's price has been steadily increasing, reaching a 3.14% daily gain, with a current price of $0.09578. The cryptocurrency's market capitalization stands at $16.46 billion, with a trading volume of $886.64 million over the past 24 hours, a 96.65% increase.
The recent surge in price can be attributed to a short squeeze, with Coinglass logging short liquidations of $1.05 million over the past 24 hours, compared to $545.76 thousand for longs. This has led to a bullish outlook for Dogecoin, with some analysts predicting a price target of $0.10.
However, not all analysts are bullish on Dogecoin. The cryptocurrency's long-term price outlook is murky, with a year-to-date drop of 18.41% and a 61.86% drop over the past year. The price of Dogecoin is still 87.09% below its peak of $0.7376 from May 8, 2021.