20,168,692 Dogecoin (DOGE) Liquidated in 24 Hours, What Happened?

Dogecoin Liquidations Hit $20.17 Million Amidst Bullish Market Cycle

Over the past 24 hours, the Dogecoin (DOGE) ecosystem has experienced significant liquidations. Despite the broader market surge that saw Bitcoin surpass $100,000, DOGE has faced a decline.

Liquidation Trigger

According to CoinGlass data, liquidations totaled $8.12 million during this period. The decline in DOGE's price from a high of $0.4161 to $0.4018 contributed to these liquidations.

Investors and traders had anticipated continued gains for DOGE, potentially reaching $0.50. However, market volatility and price fluctuations resulted in DOGE's current level of $0.4069, reflecting a 0.82% drop.

Investor Sentiment Impact

Investors' confidence has declined, as evidenced by a 25.76% decrease in trading volume to $4.57 billion. This suggests a more cautious approach as DOGE's performance falls short of expectations.

Long-position traders lost $6.39 million, while short-position traders suffered a $1.73 million loss.

Underperformance Compared to Bitcoin

Historically, altcoins and meme coins have gained when Bitcoin's price rises. However, despite Bitcoin's significant increase in the past 24 hours, DOGE has remained below the $0.408 resistance level.

Bitcoin's recent surge has not positively impacted DOGE's performance, indicating potential market headwinds.

Other Meme Coin Liquidations

Other meme coins such as PEPE, SHIB, and WIF also experienced liquidations of $2.92 million, $1.13 million, and $1.99 million, respectively. In these cases, long traders also faced higher losses than short traders.