Dogecoin, Standing Alone Amid Bitcoin Weakness... $3.3 Million Shorts Liquidated

▲ Dogecoin (DOGE)

Dogecoin (DOGE) is attracting investors' attention by showing an upward trend despite the overall decline in the cryptocurrency market.

CoinGape reported on May 14 (local time) that Dogecoin rose by more than 2% on that day, going against the market trend where Bitcoin (BTC) and major cryptocurrencies showed weakness. According to the article, Dogecoin has risen by 22% over the past month, and on that day, it rose by 2.29% while the total cryptocurrency market cap decreased by 1.54% to $2.65 trillion. CoinGape presented three factors as the reason Dogecoin reached its highest level since May 7, even without major catalysts like mentions from Elon Musk or whale buying.

The first factor is the surge in spot and futures trading volume. Dogecoin's spot trading volume increased by 63% to $2.17 billion in 24 hours, surpassing BNB's $1.7 billion. CoinGape mentioned April 29 as a previous example where increased trading volume preceded Dogecoin's rise. At that time, after the trading volume increased, Dogecoin's price rose from $0.099 to $0.11. Futures market trading volume also increased by 71% to $3.9 billion at the time of writing, growing 2.36 times from $1.65 billion on May 10 in just four days.

The second factor is a short squeeze driven by expectations for the US cryptocurrency market structure bill. The US cryptocurrency market structure bill is set for a Senate markup process on May 14, and Senator Cynthia Lummis stated that senators have agreed on 99% of the bill. CoinGape reported that preemptive buying before the vote pushed up Dogecoin's price, and in this process, $3.3 million worth of short positions were forcibly liquidated. The funding rate also recorded a positive 0.0043%, indicating that long-position investors are paying fees to maintain their positions.

The third factor is a bullish technical signal. Dogecoin's 50-day Exponential Moving Average (EMA) is above its 100-day Exponential Moving Average, and CoinGape explained that after a similar cross in July 2025, Dogecoin's price rose from $0.199 to $0.287. The increase at that time was 46%, and if the same pattern repeats, Dogecoin could reach $0.155.

The On-Balance Volume (OBV) also indicated buying dominance. CoinGape reported that the rising OBV line is interpreted as a signal that buying is more dominant than selling. The article concluded that as long as the OBV continues to move upwards, Dogecoin remains likely to head towards $0.155.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*