Long bets on Dogecoin [DOGE] go up by 6%- Musk's 'McDoge' stance responsible?
saw a jump. According to data from LunarCrush, Doge’s social mentions grew by 4% over the last week, along with a corresponding increase in engagements.As the value of Dogecoin rose, so did the MVRV ratio, indicating that many Dogecoin holders may have the opportunity to sell their holdings for a profit.
Furthermore, the negative long/short difference suggested that these profitable addresses belonged to short-term holders. Thus, raising the possibility of them selling their DOGE holdings for financial gain. This could impact DOGE negatively in the future.Besides, the number of long positions on Dogecoin continued to increase materially. According to coinglass’ data, over the last month, the number of long positions made by top traders grew from 71% to 77%.
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