Dogecoin Bulls See $60M Liquidations in Biggest Hit Since 2021
Dogecoin futures saw $60 million in long trades liquidated, surpassing Bitcoin. DOGE prices dropped over 10% amid a broader market decline. $400 million in crypto longs were liquidated in 24 hours due to profit-taking and dollar strength.
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Dogecoin (DOGE) futures experienced a significant hit with $60 million in long trades liquidated, surpassing Bitcoin's liquidations. This occurred as DOGE prices plummeted over 10%, reflecting a broader market downturn and bearish sentiment in the crypto space. The liquidations on DOGE futures were notably higher than those on Bitcoin and Ether futures. The market saw over $400 million in crypto longs liquidated within 24 hours, attributed to profit-taking and the strengthening of the dollar. The decline in DOGE prices was part of a general pullback in the meme coin market, influenced by factors such as pressure on Bitcoin prices and investor caution amid expectations of a Fed rate cut. Most of the liquidation activity in DOGE futures came from long positions, with a minimal amount from short positions. The figures represent the largest liquidations in DOGE futures since May 2021, with a drop in open interest and a bearish bias indicated by the long-short ratio.
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