Dogecoin (DOGE) and XRP Shine as Crypto Liquidations Hit $493 Million

Cover Image: U.Today

Caution has gripped crypto investors due to recent digital currency market trends. Total market liquidation has crossed the $490 million mark.

Dogecoin and XRP Liquidation

Dogecoin (DOGE) has faced over $31.7 million in liquidation within the past day. This occurred after a period of rapid growth. Currently, DOGE trades at $0.4282, a 2.18% decline within the last 24 hours.

Long traders have been heavily impacted by Dogecoin's liquidation, losing $21.7 million compared to $10 million in losses for short traders.

XRP reached a three-year peak following news about Gary Gensler. While it has since cooled, XRP maintains a 1.08% growth within the last 24 hours, reaching $1.483.

XRP's liquidation stands at $30.37 million, indicating excessive leverage by long traders who lost $21.89 million overnight. This liquidation highlights the strong appeal of XRP over rivals like Solana (SOL) and Cardano (ADA).

Crypto Market Rebound: Bitcoin's Influence

Bitcoin's recent bullish performance has driven the market towards extreme greed, according to U.Today. While flirting with $100,000, Bitcoin has since retreated slightly.

Currently trading at $98,159, Bitcoin's potential return to previous highs may trigger a broader market rebound. Dogecoin and XRP may also experience a significant recovery due to their correlation with Bitcoin.