Dogecoin Long Liquidations Surge Past $60 Million Amid Market Dip

Dogecoin Long Liquidations Exceed $60 Million Amid Market Drop

Dogecoin (DOGE) Long liquidations increased significantly. Exceed In the past 24 hours, $60 million has been liquidated as the price fell below $0.12. Notably, Dogecoin liquidations were on par with Bitcoin, which also saw a liquidation of just over $60 million in the same period. Given Bitcoin’s much larger trading volume and market cap, this marks the largest single-day liquidation event for Dogecoin since May 2021.

Dogecoin trading indicators indicate widespread bearish sentiment among traders. Dogecoin futures open interest, which measures the number of open futures contracts, fell by over 18% to $642 million. Moreover, the long/short ratio for Dogecoin futures is now above 0.9, suggesting traders are increasingly betting on a further decline in prices. Doge It has fallen 8.6% over the past week but has recovered slightly in the past 24 hours, rising 3.8%.

Large meme coins are generally on a downward trend. Shiba Inu (SHIB) and Pepe Both have fallen 8.8% over the past week, with the Solana-based meme coin Dogwif Hat (WIF) According to data from CoinMarketCap, it fell by more than 16.2%. The overall downward trend in meme coins and altcoins was Bitcoin (BTC) The price has fallen 2.88% over the past week.

During the same period, the cryptocurrency market as a whole saw more than $444 million in liquidations, with the vast majority of these liquidations, about $382 million, being long positions, according to Coinglass, signaling a broader market downturn.

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