- Dogecoin recently experienced its most significant shorting in 2023.
- The price of DOGE recovered June’s losses and surpassed $0.07 in July.
- On-chain indicators have not yet turned bullish for the meme coin with a Shiba-Inu theme.
The biggest meme coin in the cryptocurrency ecosystem, Dogecoin, is now recovering from the worst shorting event in 2023. Santiment, a cryptocurrency intelligence tracker, recorded the highest DOGE shorting level of the year around June 29.
DOGE price has completed its recovery from the Securities and Exchange Commission (SEC) crackdown and surpassed the $0.07 level.
After a prolonged drop over the past week, the price of dogecoin made a brief ascent back above $0.07.
Since the largest shorting event in 2023, the Shiba Inu-themed cryptocurrency hasn’t surpassed $0.07 on a daily basis. Market investors typically short an asset when they anticipate a future price fall.
The funding rate on Binance, the biggest crypto platform, shows that DOGE traders significantly shorted the meme coin.
In finance, being short on an asset is investing in such a way that the investor will profit if the asset’s value decreases. The investor will profit if the asset’s value increases in a “long” position, which is the opposite of what is happening here.
According to data from Binance, the DOGE price has risen back above $0.07 after experiencing a dip. It’s crucial to remember that on-chain measures have not yet turned bullish. Social dominance, a metric that measures how frequently an asset is mentioned on websites like Twitter, has been low.
However, because the DOGE price recovery pump has been largely ignored by market participants, it is possible that the recovery is not long-lasting.