Dogecoin (DOGE) prices jumped by nearly 40% on a 24-hour adjusted timeframe on Wednesday, shaking out more than $16 million worth of bearish leverage in just one hour while almost reclaiming its pre-crash high.
Dogecoin derivatives market records massive liquidations on hourly timeframes. Source: ByBt.com
Leveraged bearish traders caught themselves on the wrong side of trading after Coinbase Pro, a United States-based crypto trading platform, announced that it would enable DOGE trading to its portal from Thursday.
“Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro,” Coinbase confirmed in its blog post.
“Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading.”
The news prompted a sudden overnight spike across DOGE spot markets, burning speculators who had placed bets on the cryptocurrency’s price decline.
A bored market gravitates to $DOGE.
Spot volume dominance (orange) compared to rest of the alts (blue) on