DOGECOIN SHORTS HITS ALL TIME HIGH!
Dogecoin shorts are at an all time high squeeze incoming. Could we be seeing a squeeze happening with Dogecoin? And let’s hop over to this article. Dogecoin shorts hit an all time high, so the number of margined Dogecoin short positions over on Bitfinex, one of the largest crypto exchanges has reached fifteen point nine million DOGE, which is roughly equivalent to 3.4 million dollars now.
Dogecoin shorts are an all time high squeeze
We know exactly what these are based on what happened earlier this year with AMC and GameStop. Short squeezes tend to be caused by a cascade of liquidations which make traders panic and close their positions, thus pushing the price of a certain asset significantly higher.
Tesla CEO Elon Musk, replied with two fire emojis to a tweet posted by Dogecoin co-founder Billy Markus about the US dollar being worthless. This came after a Twitter user opened that the largest meme cryptocurrency had experienced a massive spike in short interest, so Elon was responding to the short interest on Bitfinex exchange.
Due to the unlimited supply now, the user received pushback from WallStreetBets chairman, who pointed out that the US dollar would be worthless as well, since its supply is also infinite. While some see Dogecoin’s inflation is as its biggest virtue, it’s also viewed as a major flaw by some industry luminaries.
Ripple CEO Brad Garlinghouse recently said that he wouldn’t touch Dogecoin because of its inflationary dynamics. However, Musk believes that the Doge cryptocurrency could succeed as a means of payment if it scales enough earlier this month. Dogecoin fees dropped significantly for all users following an important software update.
Dogecoin Foundation came back together
We saw that as Dogecoin Foundation came back together. Musk also repeatedly, talked about fiat money. Earlier this month he noted that normal money was just a bunch of ancient mainframes and outdated programming language that is still widely used by overwhelmingly overwhelming majority of banks the US.
Last December, Musk tweeted that Bitcoin was almost as bad as fiat money. In February, however, he said the only a fool would look for a dollar alternative due to extremely low interest rates.
Dogecoin shorts hit an all time high
Dogecoin shorts hit an all time high. Could this pump the price of Dogecoin? It’s been flat for a long time. A lot of people out there holding and just waiting patiently. And people like you gotta be with DOGE or you got to be with SHIB.
SHIB wouldn’t be here without DOGE, let’s just face it. And now we have them both in the top 15. So Dogecoin holders out there, hopefully this squeeze happens and we get a nice pump.