Dogecoin recorded zero short liquidations over a 12-hour period, a rare event that has traders questioning whether bears have retreated or are simply waiting. With a death cross looming and volume drying up, the meme coin's next move could be explosive.
In a highly unusual turn of events, Dogecoin (DOGE) recorded exactly zero dollars in short liquidations over a 12-hour window, data from CoinGlass shows. The complete absence of forced closures on bearish bets has left traders scratching their heads, especially after a week that saw the meme coin drop sharply before staging a modest rebound.
Short liquidations occur when traders who have bet against an asset are forced to buy it back at a loss as the price moves against them. Typically, such events spike during sharp rallies, as bears scramble to exit. But between early Friday and Saturday, not a single short position on Dogecoin was liquidated — despite the token rising roughly 2.8% from its weekly low of $0.07.
The phenomenon is all the more striking because it comes just days after a broader crypto market rout, triggered by a global selloff in chipmaker stocks, erased earlier gains from a soft U.S. inflation print. On July 14, Dogecoin had briefly touched $0.0753 before bulls lost momentum, sending the price sliding for two consecutive sessions.
The recovery from Friday's low of $0.07 appears to have caught bearish traders off guard — but instead of getting squeezed, they simply stayed on the sidelines.
“The $0 short liquidation figure suggests that short sellers were not aggressively positioned going into the rebound, or that the move was too small to trigger forced closures,” said one analyst who tracks liquidation data. “It could also mean that bears have become more cautious after the earlier drop this week. ”Data from CoinGlass shows that over the past 24 hours, total Dogecoin liquidations stood at roughly $2.05 million, split nearly evenly between longs ($1.14 million) and shorts ($909,420).
That near-parity is a far cry from the 12-hour period where shorts were completely untouched, and it hints at a market in flux — neither side willing to press its advantage. Where Did the Bears Go? The absence of short liquidations is not necessarily a bullish signal. Some traders believe it reflects a wait-and-see attitude rather than a capitulation by bears.
Dogecoin’s price action over the past week has been characterized by low volatility and declining volume, suggesting that both retail and institutional interest is waning. On-chain data from Ali Martinez shows DOGE trading inside a prolonged descending channel, with technical indicators like the 50-day moving average crossing below the 200-day moving average — a so-called “death cross” that historically precedes further downside.
“The momentum remains bearish unless and until the structure breaks above $0.18,” warned a recent analysis on TradingView. With DOGE currently hovering around $0.072, that resistance level appears distant. The death cross, combined with a falling triangle pattern, has led some analysts to project a potential drop toward $0.055–$0.07 in the coming weeks, a scenario laid out in multiple bearish forecasts. In the broader crypto market, bears have been on a losing streak.
Just last week, Bitcoin’s brief push toward $80,000 triggered $301.93 million in short liquidations across all assets, according to CoinGlass. But Dogecoin’s $0 short liquidation anomaly suggests that the meme coin’s dynamics are diverging from the rest of the market — at least temporarily. What’s Next for DOGE? For traders, the $0 short liquidation event is a reminder that the crypto market remains unpredictable.
While the lack of bearish forced buying might seem like a sign of stability, it could also mean that shorts are simply biding their time, waiting for a clearer directional signal. With Dogecoin’s price little changed over the past 24 hours and volume declining, the market appears to be in a holding pattern.
“DOGE is at a critical juncture,” said one market commentator. “If bulls can push the price above $0.08, we might see a short squeeze that finally registers on the liquidation data. But if the death cross plays out, we could see the bears return in force. ”For now, the bears have gone quiet — but in crypto, silence rarely lasts.
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