DOGS Pulls Unexpected Stunt in 24-Hour Liquidation

Cover image via U.Today

Trending Meme Coin 'DOGS' Exhibits High Liquidation Amid Market Downturn

Despite recent market declines, emerging altcoins like DOGS, linked to Toncoin, have demonstrated an anomalous liquidation pattern. While overall liquidations have been lower than previous records, DOGS notably registered a $2.72 million liquidation, representing over 2.4 billion DOGS tokens within 24 hours.

DOGS Liquidation

The liquidation data suggests significant exposure to DOGS, particularly among long traders. Over $1.7 million worth of liquidations have been incurred by long position holders, while short traders have faced $897,000 in liquidations.

In comparison, established assets like XRP accounted for less than $800,000 in liquidations, while Dogecoin recorded a marginally higher $2.79 million.

DOGS's High Exposure

DOGS' popularity can be attributed to recent bullish trends. As reported by U.Today, the token experienced a series of upward spikes last week, reaching an all-time high (ATH) of $0.001644 approximately five days ago.

Top crypto exchanges, including Crypto.com, have contributed to the token's publicity by listing DOGS, increasing its overall exposure.

DOGS' Top 100 Ascent

For a meme coin to gain substantial adoption, it must overcome the hype stage. Similar to BONK and PEPE, DOGS has emerged as a prominent success story among its peers this year.

Amid its remarkable growth over the past week, DOGS has entered the top 100 digital currencies by market capitalization. At press time, it trades at $0.001122, experiencing a 10% decline from its highs.

Nevertheless, DOGS remains the 94th most valuable asset, with a market capitalization exceeding $579 million.