DOGE Rallies 10% in 30 Days as Leverage Grows, Liquidations Rise

Dogecoin (DOGE) is gaining short-term momentum. The price is about $0.09921, up 2.11% over 24 hours and 10.24% over 30 days. Still, the broader trend remains weak for DOGE. It is down 42.75% year-on-year and trades 22.27% below the 200-day moving average. On-chain and holder metrics are also bearish: MVRV is 0.686 (around 31.4% below realized value) and NUPL is -0.459, indicating a capitulation zone where many holders are underwater. The rebound is largely derivatives-driven. DOGE open interest rose 15.73% to roughly $1.02B (about 6.05% of market cap). The long/short ratio jumped to 2.057, suggesting leveraged traders are leaning bullish. However, rising leverage increases liquidation risk. Total liquidations in the last 24 hours were about $1.99M, including ~$1.10M in short liquidations and ~$0.891M in long liquidations. This can produce sharp upside if momentum holds, but fast reversals if sentiment flips. For traders: DOGE looks supported by speculative positioning and valuation signals, but expect elevated volatility due to liquidation overhang.