Dogecoin posts double-digit drop amid surge in long liquidations

Dogecoin Liquidations Surge Exceeding $60 Million

Dogecoin has witnessed a significant spike in long liquidations, exceeding $60 million within the last 24 hours. This surge is notable, given that such liquidations generally exceed usual levels in the memecoin's futures market.

Notably, Dogecoin's liquidations were comparable to those of Bitcoin, which also experienced liquidations totaling over $60 million during the same period. Given Bitcoin's substantial trading volume and market capitalization, this event is considered significant. Additionally, it represents the highest daily liquidation hit for Dogecoin since May 2021.

The wider cryptocurrency market has also been impacted, with liquidations surpassing $444 million during the same period. According to Coinglass data, the majority of these liquidations (approximately $382 million) were long positions.

Dogecoin Long-Short Ratio Indicates Bearish Sentiment

Data from Coinglass indicates a decline of over 18% in Dogecoin's open interest, now amounting to $642 million.

Moreover, the Dogecoin futures long-short ratio suggests a bearish bias among traders, as it currently stands above 0.9.

Large-cap memecoins have generally declined, as reflected in The Block's GMCI Meme index, which tracks leading memecoins by market capitalization. The index has fallen by over 10% in the past day, reaching 249.41.

At the time of writing, Dogecoin is trading around $0.119, marking a decrease of over 10% within the past 24 hours, as per The Block's price page.

Disclaimer:

This article is solely intended for informational purposes and should not be construed as financial, investment, or other professional advice.