Dogecoin Jumps 15% as Bitcoin Holds Above $85,000
The rally followed more than $1 billion in liquidations, mostly from short positions. XRP, Solana, and ether also moved higher as risk sentiment improved in Asia.
Key Takeaways
- Dogecoin rose more than 15% on Tuesday morning in Asia to just above $0.10.
- Bitcoin stayed firmly above $85,600, while more than $1 billion in crypto positions were liquidated in 24 hours.
- The rally hit short sellers especially hard; XRP, Solana, and Ether also climbed, while ZEC was the only major token to fall.
Dogecoin jumped more than 15% on Tuesday morning in Asia to just above $0.10 (€0.087), while Bitcoin held firmly above $85,600 (€74,500). The move came after a wave of forced liquidations that hit short sellers especially hard and pushed the broader crypto market higher.
Short Sellers Got Squeezed
According to CoinGlass, more than $1 billion (€0.9 billion) in crypto positions were liquidated over the past 24 hours. Of that, $844 million (€735 million), or 82%, came from short positions. About 135,000 traders were pushed out of their positions.
In a short position, a trader profits from a drop instead. If the price rises too fast, the exchange has to close the position by buying back the asset. That extra buying pressure can push the price even higher and trigger even more shorts.
Bitcoin accounted for about $608 million (€529 million) of the daily total, while ether made up $181 million (€158 million). The biggest single liquidation was a Bitcoin position worth nearly $21 million (€18.3 million) on Hyperliquid.
Altcoins Join the Move Higher
Along with Dogecoin, XRP rose 7% to nearly $1.52 (€1.32) and Solana gained 5% to just under $117 (€102). Ether added 3% and reached nearly $2,740 (€2,380). BNB and TRX each rose 1% to 2%. ZEC was the only major token to fall, dropping 4% to just above $1,450 (€1,260).
Liquidations over the past hour fell to less than $11 million (€9.6 million), down from more than $300 million (€261 million) per hour at Monday's peak. That suggests the market is being driven less by forced selling for now and more by real buyers.
Broader Risk Sentiment Helps Too
The crypto move came alongside a strong tone in Asian stock markets. The MSCI Asia Pacific index rose nearly 1%, marking its fifth straight day of gains, while semiconductor stocks like Samsung Electronics and SK Hynix rode the rally in U.S. chip stocks. For European crypto watchers, that matters because risk-on days like these often show up in both stocks and crypto at the same time, without there automatically being one direct cause. Earlier, a broader memecoin rally had already boosted demand for Dogecoin, while capital shifted toward bigger coins elsewhere.
