Dogecoin jumps as crypto rebound shifts beyond bitcoin short squeeze
Crypto markets are extending a broad rebound as Dogecoin outperforms major tokens and bitcoin steadies above $85,000. The latest move follows more than $1 billion in liquidations over the past day, indicating the recent rally increasingly needs fresh buying after a wave of short covering.
Highlights
- Dogecoin surges over 15% to just above 10 cents, outperforming majors as bitcoin stabilizes at just above $85,600 after a 5% climb.
- Over $1 billion in crypto positions liquidated in 24 hours, with $844 million (82%) from short sellers; bitcoin drives $608 million and ether $181 million of liquidations.
- Altcoins rally with XRP up 7% to nearly $1.52, SOL up 5% to just under $117, while ZEC drops 4% to just above $1,450.
Liquidations drive gains across major tokens
As reported by CoinDesk, Dogecoin rises more than 15% to just above 10 cents in Tuesday Asian morning trading, the strongest gain among major cryptocurrencies, while bitcoin holds at just above $85,600 after climbing about 5% over 24 hours.CoinGlass data show just over $1 billion in crypto positions are liquidated over the past day, with $844 million, or 82%, tied to short sellers. About 135,000 traders are closed out, showing much of bitcoin's recent advance comes from forced buying as bearish positions unwind.
Bitcoin accounts for about $608 million of the day's liquidations and ether for $181 million. The largest single liquidation is a nearly $21 million bitcoin position on Hyperliquid.
Altcoin momentum builds as bitcoin stabilizes
XRP adds 7% to nearly $1.52 and SOL gains 5% to just under $117. Ether rises 3% to nearly $2,740, while BNB and TRX each advance between 1% and 2%.ZEC is the only large token in negative territory, falling 4% to just above $1,450. With bitcoin flat over the past hour, the market's next leg higher is likely to depend less on short squeezes and more on new demand across major digital assets.
Our earlier article on a rare S&P 500 market-breadth warning highlighted how stocks can rally on the surface while underlying participation weakens. We noted that even with major indexes near highs, more constituents were hitting fresh 52-week lows than new highs—an historically uncommon pattern tied to narrow leadership and heightened risk from rates and geopolitics.
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