Dogecoin rises 4.9%, outperforms Bitcoin after short squeeze lifts DOGE above $0.09

Dogecoin surged 4.87% over the past 24 hours, reaching $0.0902 and outpacing Bitcoin and the broader cryptocurrency market. The rapid move followed a wave of liquidations in the Dogecoin derivatives market, driving renewed momentum for the popular meme coin.

Short squeeze triggers Dogecoin rally

Market data from CoinMarketCap indicated that Dogecoin saw a sharper gain than both Bitcoin, which added 0.38%, and the overall crypto market, which posted a 0.87% rise during the same period. The standout performance was linked to a sudden squeeze in DOGE derivatives, as investors with short positions were forced to close out following the price jump.

DOGE open interest surged 8.5% within just one hour, climbing to $282 million as the abrupt price swing took hold. This rapid liquidation of short positions sparked a pronounced upward move, with Dogecoin standing out among major cryptocurrencies for its strong recovery.

On the technical side, analysts noted that Dogecoin’s hourly chart completed a golden cross—a bullish signal where the short-term moving average moves above the longer-term trend. In addition, a morning doji star pattern appeared on the daily chart, suggesting further optimism among traders.