Why Dogecoin, Avalanche, and Algorand All Surged More than 10% Today
The rally appears to be on, once again, in the cryptocurrency world. Top-25 tokens Dogecoin (CRYPTO: DOGE), Avalanche (CRYPTO: AVAX) and Algorand (CRYPTO: ALGO) had surged 11.5%, 12.2%, and 10%, respectively, over the past 24 hours at 11:10 a.m. ET.
These moves appear to be mainly the result of forced liquidations among short-sellers betting on declining crypto prices. Rising spot prices have accelerated short liquidations, acting much in the same way as a short squeeze would for stocks.
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Source Fool.com
