Doge Barks Past a Dime, $844M Shorts Get Rekt 🐕

Dogecoin surged more than 15% to just above 10 cents in early Asian trading on Tuesday, leading gains among major tokens, while Bitcoin held above $85,600 after rising roughly 5% over the previous 24 hours. CoinDesk data show DOGE was the largest mover in the top tier of cryptocurrencies, with Bitcoin flat over the past hour following the broader advance.

The bulk of the move came from forced buying rather than fresh demand. Just over $1 billion in crypto positions were liquidated over the past day, according to CoinGlass, of which $844 million, or 82%, were short positions. About 135,000 traders were closed out, with Bitcoin accounting for roughly $608 million of the day's total and ether $181 million. The largest single liquidation was a nearly $21 million bitcoin position on Hyperliquid.

Other majors posted smaller gains. XRP added 7% to nearly $1.52, SOL rose 5% to just under $117, and ether climbed 3% to nearly $2,740. BNB and TRX each picked up between 1% and 2%. ZEC was the only large token in the red, down 4% to just above $1,450. Liquidations in the past hour totaled under $11 million, down from more than $300 million an hour at Monday's peak.

Separately, DOGE derivatives open interest jumped about 10% in a single hour to around $350 million as traders piled into leveraged bets, and Pepe and Shiba Inu caught bids alongside the original meme coin. DOGE opened at $0.0999, spiked to $0.1059 intraday, and later corrected to $0.0992, down 0.62% on the day, with sellers reappearing after the price cleared the $0.10 mark. The daily Relative Strength Index sat at 69.4 and the Average Directional Index at 32.5, while the 50-day exponential moving average remained below the 200-day EMA.

Equities set a firm tone through Asia, with MSCI's Asia Pacific gauge rising nearly 1% for a fifth straight day led by chipmakers Samsung Electronics and SK Hynix. South Korea's Kospi advanced 2% and Taiwan's benchmark hit an intraday record, while AMD briefly surpassed $1 trillion in market value on Monday after early signs of traction for Meta Platforms' new AI agent. Bitcoin traded as high as $86,332 on Monday, its highest level in eight months.