Dogecoin Shorts Peak! Is Short Squeeze Coming?

According to the data of Bitfinex, one of the largest cryptocurrency exchanges, the number of short positions (short sales) opened in Dogecoin (DOGE) has reached peak levels. So, what does this herald? Here are the details…

Peak levels seen in Short Dogecoin positions

The number of margin DOGE shorts on Bitfinex reached 15.9 million DOGE, equivalent to $3.4 million. Some people in the cryptocurrency community think this will lead to a “short squeeze”. Short squeezes are an unusual phenomenon that triggers rapidly rising prices on an asset. For a short squeeze to occur, those holding positions within the coin must have opened an unusually short position.

A short squeeze starts when the price unexpectedly rises. The situation turns out to be an important measure of how short sellers accidentally decide to cut losses and exit their positions. A short squeeze is caused by a series of liquidations that cause traders to panic and close their positions, thereby raising the price of a particular asset significantly.

Meanwhile, As we reported, Tesla CEO Elon Musk responded to a tweet by Billy Markus, the co-founder of Dogecoin, about the worthlessness of the US dollar, with two fire emojis. This comes after a Twitter user thought he was experiencing a massive spike in short positions on the Bitfinex exchange due to the unlimited supply of the biggest meme cryptocurrency. While some see Dogecoin’s inflation as its biggest feature, it is also seen as a major flaw by some experts.

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