New wallet takes a long position on 20 million Dogecoin with 10x leverage
May 17, 2026
A recently established cryptocurrency wallet has assumed a significant risk by opening a highly leveraged position on Dogecoin, with a 10x long bet on 20 million $DOGE. The attention was drawn to this transaction by the widely recognized blockchain analytics platform Lookonchain, with the trade catching the eye of onlookers due to its considerable size, high leverage, and narrow liquidation range. While the recent transaction’s overall monetary value is substantial, it has initiated discussions in the trading community given the substantial leverage used in combination with Dogecoin’s prevailing market volatility.
The fresh wallet initiated a leveraged position on Dogecoin, utilizing 10x leverage on 20 million $DOGE valued at around $2.25 million. Initially, the trade was executed at $0.11335, with subsequent fluctuations in the market price leaving the position with an unrealized loss approximating $12,410 as indicated by a reported screenshot showing $DOGE trading at $0.11273. Currently, with $DOGE experiencing a decline to $0.11027, the unrealized loss further escalates to a figure nearing $60,724. Despite witnessing a market pullback, the trader has taken the decision to uphold the 10x leveraged position while keeping the liquidation price steady at $0.10284. In the event that $DOGE dips to this pivotal level, the trading platform will automatically terminate the trade in order to halt additional financial losses.
The substantial transaction has given rise to a myriad of reactions throughout the cryptocurrency community, largely owing to the wallet’s recent inception and the formidable leverage employed. Speculations are rife amongst enthusiasts surrounding the trader’s high-risk propensity, with some even categorizing them as a “degen” investor or an individual strategically anticipating a significant bullish uptrend for Dogecoin. The liquidation price positioned approximately 9% below the entry level has provided considerable fodder for deliberation, with many traders interpreting the narrow liquidation gap as evidence of the trader’s unwavering confidence in an upward price movement.
The transaction coincides with a backdrop of heightened selling pressure across the broader cryptocurrency market. Over a 24-hour period, Bitcoin, Ethereum, BNB, and XRP have experienced declines amounting to 2.75%, 2.76%, 3.60%, and 3.72% respectively. Concurrently, Dogecoin has also incurred a 4.24% drop amidst the market downturn. The resultant correction has precipitated almost $575 million in cryptocurrency liquidations within a day, with long positions accounting for the bulk of this sum. Liquidations in Bitcoin and Ethereum circles stood at $188 million and $151 million respectively, with leveraged Dogecoin positions contributing approximately $9.55 million to the cumulative liquidation amount.
