Dogecoin, the memecoin with more lives than a cat in a gangster’s alley, is getting pounded lately.
Price drops, nerves frayed, the usual drama. But here’s the twist in the story, over at Binance, the world’s biggest crypto casino, the crowd ain’t running for the exits. At all.
Good boy
Seventy-two percent of these traders? They’re going long on Dogecoin. They’re betting the farm on a comeback, like it’s the bottom of the ninth and Doge’s about to hit a grand slam.
Now, this ain’t just a couple of wiseguys throwing dice, because we’re talking about 72% of open Dogecoin bets on Binance being long, leaving just 28% on the short side. That’s quite an optimism.
But outside Binance, the mood’s a little less rosy. Across all exchanges, more people are actually shorting Dogecoin, as 51% betting on a drop, with just 49% going long.
That’s over $1.15 billion riding on Doge falling, compared to less than $1.1 billion betting on a bounce.
Rise
So what’s the deal here, why are Binance traders so bullish while the rest of the world’s biting their nails? Maybe it’s the thrill of the underdog.
Maybe it’s just FOMO. Or maybe they’re seeing something in the charts the rest of us are missing.
Some analysts are pointing to an ascending wedge pattern, a technical setup that, if it breaks out, could send Dogecoin flying.
Boy astrology, you know. One brave soul’s even calling for 580% moonshot from here. You gotta admire the guts, if not the odds.
Fun
But we all know that when everyone piles onto one side of the boat, things can get choppy.
If Dogecoin stumbles, those long positions could get liquidated faster than you can say such wow. That’s how you get a real bloodbath, everybody scrambling for the exits at once.
Still, you gotta love the spectacle. Dogecoin’s always been a fun stuff, fueled by memes, hype, and the occasional billionaire tweets.
Maybe this time the Binance bulls are right and we’re about to see another legendary rally. Or maybe, just maybe, they’re all about to learn a hard lesson in market humility.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
