Dogecoin (DOGE) experienced a notable shift in the past 24 hours. Despite Bitcoin’s bullish rally past $100,000, DOGE faced continuous price declines. Investors saw liquidation hit 20.17 million DOGE within the period, signaling a challenging phase for the meme coin.
$8.12M in Liquidations as DOGE Price Falls
Data from CoinGlass reveals that total liquidations for DOGE reached $8.12 million. The price of DOGE tumbled from a high of $0.4161 to a low of $0.4018. This unexpected price drop triggered a wave of sell-offs and liquidations. Many traders had anticipated further price growth, hoping DOGE would test the $0.50 mark. However, market volatility proved them wrong.
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Long-position traders bore the brunt of the losses, with $6.39 million wiped out. Short-position traders faced smaller liquidations totaling $1.73 million. The broader market reaction was marked by a 25.76% drop in DOGE’s trading volume, now at $4.57 billion. This shift indicates that investors have adopted a more cautious stance, reflecting waning confidence in DOGE’s short-term prospects.
Other meme coins like PEPE, SHIB, and WIF faced smaller liquidation totals. PEPE’s liquidation reached $2.92 million, SHIB’s hit $1.13 million, and WIF’s amounted to $1.99 million. Similar to DOGE, long-position traders suffered larger losses than short traders in all three coins.
Broader Crypto Market Trends
Altcoins and meme coins often rise when Bitcoin’s price climbs. However, DOGE did not follow this pattern. Despite Bitcoin’s significant rally, DOGE stayed below the $0.408 resistance level. Instead, DOGE’s liquidation pattern mirrored Bitcoin’s high liquidation activity.
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Bitcoin’s ongoing price surge led to $59.95 million in liquidations. Long-position traders accounted for $42.73 million, while short traders saw $17.21 million in liquidations. Ethereum also experienced significant liquidations, totaling $46.72 million. Long-position traders faced $28.05 million in losses, with short traders recording $18.67 million in liquidations.
The past 24 hours have been rough for DOGE investors as market volatility led to substantial liquidations. While Bitcoin’s rally lifted many other altcoins, DOGE’s performance fell short. With investors now more cautious, DOGE’s near-term outlook remains uncertain.
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