Dogecoin surged 10% in a single hour on Feb. 25 as $1.57 million in short positions were liquidated, according to CoinGlass. The abrupt price move pushed DOGE back above the $0.10 level, marking one of its strongest sessions this month.
The liquidation data reveals a stark imbalance: during that hour, short liquidations totaled $1.57 million versus only $119,640 for longs. Over the past 24 hours, total DOGE liquidations reached $5.14 million, with shorts accounting for $4.09 million — nearly 80% of all forced closures. This heavy skew amplified the upward momentum as bearish traders were forced to cover.
Price Breaks Intraday Resistance
On Binance's DOGE/USDT pair, the token hit an intraday high of $0.1026 before settling near $0.1007. Price had been oscillating between $0.095 and $0.098 in prior sessions as buyers absorbed supply. Once the resistance gave way, the liquidation cascade accelerated the breakout within minutes.
The surge wiped out a cluster of leveraged positions built during the consolidation phase. Traders who had bet against DOGE were caught off guard, fueling a classic short squeeze that reinforced the rally.
Liquidation Imbalance Drives Momentum
Short liquidations in DOGE over the past 24 hours hit $4.09 million, dwarfing long liquidations of $105,000. This disparity indicates the market had been heavily overleveraged on the bearish side. When price turned, those concentrated shorts became rocket fuel.
The episode highlights how leverage can magnify price swings in memecoins with relatively thin order books. Volatility returned sharply, and the forced covering restored short-term trading activity.
Broader Market Context
The DOGE squeeze occurred amid wider crypto turmoil, with total liquidations across major assets reaching $341.21 million in 24 hours. Bitcoin and Ethereum led the overall volume, but DOGE recorded one of the most concentrated hourly squeezes.
Despite reclaiming $0.10, DOGE remains below descending resistance on the daily chart. The forced short covering has altered near-term positioning, but sustained buying will be needed to confirm a trend change.